Bale, who joined Madrid on a world record 100 million euros transfer from Tottenham this summer, showed with his first hat trick for Madrid that he has certainly shaken off his injury problems from earlier this season.
He has seven goals in league play, leaving him third for Madrid behind Benzema's eight and Ronaldo's 17, which lead the league.
Also, Celta Vigo came back to beat Almeria 3-1 for its first home victory at Balaidos Stadium in eight attempts this season under first-year manager Luis Enrique.
With Ronaldo unavailable, Angel Di Maria started and wasted little time in controlling a clearance outside the area before rattling the bar with a left-footed shot on either side of two Sergio Ramos headers that sailed high.
The overmatched Valladolid rarely managed to shift the action out of its area, and Bale found himself in perfect position to nod in a rebound of Di Maria's curling effort that goalie Diego Marino parried directly to the Wales winger.
Bale then picked out Benzema with a pinpoint cross to thump the ball beyond Marino and put the result beyond doubt before halftime.
Bale was again aided by a poor clearance for Madrid's third. This time it was defender Jesus Rueda, who knocked Marcelo's cross back for Bale to fire home.
But Bale wasn't finished and he started and finished off a late counterattack by charging forward to tap in Marcelo's low cross.
With Elche hanging tough, Atletico coach Diego Simeone sent on Raul Garcia and Adrian Lopez and the changes paid off to earn Atletico's 17th win in all competitions to go with four draws and just one loss.
Atletico broke through seconds after Garcia replaced David Villa. Koke pounced on a rebound from Garcia's shot that Manuel Herrera saved but failed to clear, leaving the Elche goalkeeper strewn on the turf with defender Alberto Botia and Diego Costa after they collided.
Diego Costa secured the three points in the 74th by scoring from Lopez's perfectly placed chipped pass. It was Diego Costa's 15th league goal this season, the second highest tally in the competition after Ronaldo.
"The entrance of Raul Garcia and Adrian (Lopez) gave us two bursts of creativity when the game had gotten bogged down,'' Simeone said. ``We have to keep going forward this way and remain realistic. I know it's a good moment for Atletico's fans, but we are focusing on one game at a time.''
Celta's much-needed win lifted it three points from the relegation zone, while Almeria stayed among the bottom three. After Jesus ``Suso'' Fernandez opened for Almeria, Fabian Orellano scored one goal and set up another to lead the fightback.
Real Sociedad visited Espanyol later.
New world chess champion Magnus Carlsen took the honorary kickoff at Madrid's Santiago Bernabeu Stadium.
