The Italy international, whose Juventus team take on los Blancos on Wednesday, feels the Santiago Bernabeu side lack a clear philosophy and has criticised their transfer policy
The Liga champions spent a world-record £86 million fee on Gareth Bale during the summer transfer window after previously splashing the cash on players such as Zinedine Zidane, Kaka and Cristiano Ronaldo, but Buffon is not impressed with their lavish transfer policy.
"There's not much of a difference [compared to the Madrid of Zidane, Ronaldo and Luis Figo]. The philosophy 10 years ago is the same as it is now: buy great players, entertain the crowds and maintain the prestige and great history that Real Madrid has," the Juventus goalkeeper told Marca.
"But the reality is that in football, above all now, that's not enough to win.
"It's better to have a project, balance and patience. Money is a good starting point but it's not enough in itself."
Juventus currently sit second in Group B in their Champions League campaign after two draws in as many matches, traling leaders Madrid by four points.