The Portuguese missed a penalty in the Liga match at home to Malaga on Wednesday, but netted soon afterwards to bring up a double century of strikes at the Spanish side.
The Portuguese forward saw a penalty saved by Willy Caballero after 22 minutes, but made amends shortly afterwards as he blasted past the Argentine goalkeeper following a short pass from Xabi Alonso.
Ronaldo reached the landmark in just 197 games for the Spanish side and has now scored 54 goals in 53 games this season at club level.
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With 200 goals, Ronaldo is sixth in the list of the club's all-time top scorers, eight behind legendary Mexico striker Hugo Sanchez.
Madrid, meanwhile, needs to beat Malaga to stop Barcelona from claiming La Liga on Wednesday night.