It sets up a mouthwatering showdown between Atletico and their nearest title rivals Barcelona next Sunday, with Diego Simeone's side only requiring a point to lift their first league title in 18 years.
Atletico created the better of the chances but fell behind to a shock goal by Samuel Garcia midway through the second half, as a result of a terrible mix up between their usually reliable defence and goalkeeper Thibaut Courtois.
A header by Toby Alderweireld nine minutes later levelled things up and set up an enthralling finale, with Malaga finishing the game with 10 men as Marcos Angeleri was sent off in the final few minutes.
"We shall face the last game of the season in a location, the Camp Nou, where no one thought we would be going with a three-point lead over Barcelona. No one believed that. And no one is going to believe that we have any chance of winning," said Atleti coach Diego Simeone.
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