Carlo Ancelotti's side had drawn the first leg of the Copa del Rey clash but two first-half goals made sure of its place in the last 16 of the competition
Carlo Ancelotti's side had failed to break down the minnows in the first leg just under two weeks ago, but first-half goals from Asier Illarramendi and Angel Di Maria saw Madrid stride into the next round.
Buoyed by their goalless draw at home in the first fixture between these two sides, the visitors began the game in an adventurous mood, but without really troubling Madrid.
The hosts gradually began to showcase their superior quality and Di Maria chipped a free kick inches over the bar after Francis was adjudged to have taken the ball out of his box in his attempts to claim a threatening through ball.
The Argentine winger was involved once more in the move which led to the opening goal, lifting a delicious ball into the danger zone on the quarter-hour mark which Jese squared to Illarramendi to place into the back of the net for his first goal for the capital club.
Shortly afterwards, the second arrived. Isco attempted to head a wild ball across the face of goal to keep the attack alive and it struck Kike Alcazar on the arm.
The referee had no hesitation in pointing to the spot and Di Maria managed to score - albeit with the ball striking the post after a strong palm from goalkeeper Francis.
The two goals knocked the wind out of Olimpic's sails. It sat far further back in an attempt not to concede the ball and Madrid was happy to keep possession, with the match effectively wrapped up.
The second half followed much the same pattern as the latter part of the first. Madrid was in complete control of the ball, while the Segunda B outfit was happy not to be on the end of a cricket score.
The hosts had a few flashes; Casemiro saw a long-range effort shoot wide of Francis' post, Jese made a great run into the box only for his square pass to find a blue shirt and Xabi Alonso had an ambitious strike easily saved by Francis.
Towards the end of the match, Olimpic streamed forward once more, but was unable to find a goal which would have gone down in the club's history.