Joaquin put a right-footed shot into the lower left of the net in the 87th minute.
A right-footed shot by Manucho in the ninth minute gave the visitors the lead before Isco equalised with a right-footed shot in the 37th minute.
Manucho received a red card in the 81st minute as a result of a second yellow card, which was handed out for a foul.
Málaga now sit in third in the table with a record of five wins, one loss and two draws. Real Valladolid are in eighth place with a record of three wins, four losses and one draw.
Joaquin took four shots and completed 46 passes. Joaquín's favorite passing target was Jesús Gámez, with whom he linked up seven times.
Málaga controlled possession for 67.2% of the match. .
Roque Santa Cruz made the biggest impact of any substitute after coming on for Portillo in the 60th minute, as he took three shots.
Home keeper Willy Caballero saved five shots.