In front of a tournament-high crowd of 42,107, Diego Godin scored the only goal of the match when finishing from close range late in the first half.
Tottenham certainly began the match with more enthusiasm than in their Tuesday night clash with Juventus. After 10 minutes, the North London club were unfortunate when Josh Onomah unleashed a rasping volley from close range, only to be denied by the crossbar.
Only three minutes later, Spurs were once again close to claiming the lead. Erik Lamela played a neat one-two with Vincent Janssen but the woodwork proved to be Atletico's friend once again as the Argentine's venomous strike hit the post.
Despite their early chances, Tottenham went behind late in the first half through Atletico's Deigo Godin. After Thomas Partey was fouled outside the box, Gabi delivered a dangerous free-kick into the box which was inadvertently flicked on by Tottenham defender Cameron Carter-Vickers.
Godin was the lucky recipient of the flick-on, finishing past Tottenham's Michael Vorm, from three yards out.
The second half provided few highlights, with Atletico keeper Jan Oblak the stand out after producing two fine saves in quick succession.
The first came after 59 minutes through Ryan Mason. The Englishman connected first time on the half-volley from a precise Heung-Min Son cross but somehow the Slovenian shot stopper managed to steer Mason's rocket over the bar with a strong wrist.
Two minutes later, Janssen should have equalized for Spurs, however, his low and hard dipping free-kick that seemed destined for the bottom corner was once again saved by a strong Oblak stand.
International Champions Cup - Tottenham vs Atletico Madrid