Malaga opened the scoring on eight minutes through a header from Argentine defender Martin Demichelis, only for Angola striker Manucho to pull the hosts level, also with a header, in the 41st minute.
Malaga were denied a morale-boosting victory ahead of Wednesday's Champions League showdown at home to Porto.
The Qatar-owned club must overturn a 1-0 deficit on Porto to reach the quarter-finals on their Champions League debut and coach Manuel Pellegrini left top performers Isco and Joaquin out of his team.
Malaga move a point clear of Real Betis, who beat Osasuna 2-1 on Friday, and two ahead of Valencia, who visit Athletic Bilbao on Sunday, in the race for the fourth Champions League qualification spot.
Valladolid join Levante and Sevilla, 10th and 11th prior to the game, on 35 points.
Positions of teams on the same points in La Liga are decided on the head-to-head rule.
Real Valladolid had possession for 46.5% of the match.
Real Valladolid had nine shots, including four on target.
The two attempts by Omar Ramos were the most of any Real Valladolid player.
Lluis Sastre's 16 passes to Alvaro Rubio were the most between Valladolid team-mates.
Malaga had the ball for 53.5% of the match.
Malaga had six shots, including one on target.
No Malaga player registered more than one attempt on goal.
Combinations between Jesus Gamez and Duda were the most common during the match - the two connected 20 times.