On 3 June 2013, Real Madrid exercised its buy-back option on Carvajal, who became the team's first signing for 2013–14 for a fee believed to be in the region of €6.5 million. This was confirmed by Bayer's director of football Rudi Völler, who stated: "Real Madrid noticed the outstanding performances by Dani this season, and it was only a matter of time before they exercised their buy-back option." Shortly after the move, he spoke of his happiness to return, thanking the president, the fans and the club at a press conference.
Carvajal made his La Liga debut on 18 August 2013, in a 2–1 home win against Real Betis. One month later he played his first match in the UEFA Champions League, again featuring the full 90 minutes in a 6–1 away defeat of Galatasaray SK in the group stage.