The young Frenchman underwent knee surgery at the tail end of last season and made his comeback to full practice with the rest of his team-mates on Wednesday
The young Frenchman fell awkwardly during the 1-1 draw with Espanyol on May 11 and was forced to sit out the remainder of his side's fixtures, including the Copa del Rey final.
It was initially thought he would be out of action for around six weeks, but he has returned to full training slightly late.
The 20-year-old attended the beginning of the session alongside his team-mates and new coach Carlo Ancelotti, before continuing to exercise alone in the gym.
Meanwhile, Xabi Alonso and new signing Asier Illarramendi are nursing their way back from their own respective knocks.
Varane enjoyed a breakthrough season at the Bernabeu last term, displacing Pepe from Jose Mourinho's first-choice XI prior to his injury.
Madrid returned to pre-season training on Monday.