The treble-chasing hosts have reached the last four of the competition for the sixth time in the past seven seasons, but the exception during that spell came last term when they were dumped out by Madrid in the quarter-final stage.
Madrid went on to lift the trophy and become the first team in the Champions League era to retain their title, and now they are going in search of a third consecutive crown - something which hasn't been done since Bayern Munich themselves in the 1970s.
Make sure you don't miss a moment of the action courtesy of our minute-by-minute updates below.
BAYERN MUNICH: Ulreich; Kimmich, Boateng, Hummels, Rafinha; Javi Martinez, Robben, Muller, Rodriguez, Ribery; Lewandowski
BAYERN MUNICH SUBS: Wagner, Sule, Thiago, Bernat, Rudy, Starke, Tolisso
REAL MADRID: Navas; Carvajal, Varane, Ramos, Marcelo; Modric, Casemiro, Kroos; Vazquez, Ronaldo, Isco
REAL MADRID SUBS: Casilla, Vallejo, Benzema, Bale, Hernandez, Asensio, Kovacic
Well, Real Madrid were far from their best, but it takes a certain skill to be like that and still pick up an away win in a Champions League semi-final.
Bayern Munich took the lead through Joshua Kimmich in the first half, but they were made to rue a string of missed opportunities when Marcelo levelled things up just before half time. Marco Asensio then came off the bench to score the winner in the second half, putting Real well in the driving seat to reach yet another final. Thanks for joining our live coverage of the match!
90+4 min FULL TIME: Bayern Munich 1-2 Real Madrid
90+1 min There will be four minutes of added time at the end of this match.
90 min YELLOW CARD! Thiago goes into the book for a cynical challenge on Kovacic.
88 min CHANCE! This could have been the chance! Tolisso slips a lovely ball into the box for Lewandowski, who looks certain to score, but he clips his finish well wide of the target! He really should have scored there!
86 min Bayern have not really looked like scoring in the last 20 minutes or so, with Madrid doing a good job of seeing this one out so far. You'd have to think that this would be almost tie over if Bayern cannot get one back, particularly with all their injuries.
84 min REAL MADRID SUB: A third and final change for the hosts sees Mateo Kovacic replace Casemiro.
82 min Bayern will kick themselves if it stays like this. They have had the chances to win this game and give themselves a good lead to take to the Bernabeu, but injuries look to have taken their toll.
80 min Bayern are seeing more and more of the ball again now as Real Madrid look to defend this lead, but the hosts look very tired now. This is a huge final 10 minutes for this tie.
78 min YELLOW CARD! Casemiro becomes only the second player in the book tonight for a late challenge on James.
76 min CHANCE! Benzema breaks in behind the Real Madrid defence here and, despite the angle being against him he manages to get a good shot away. Ulreich spreads himself well to make a good save, though.
75 min BAYERN MUNICH SUB: The hosts make their third and final change as Corentin Tolisso replaces Javi Martinez.
73 min This has been a really strange game in many ways. These are two brilliant footballing teams, but they have both been shambolic at times.
71 min DISALLOWED GOAL! Ronaldo has the ball in the back of the net as he brings the ball down and rifles it across goal and into the bottom corner, but the referee calls it back for a handball. Ronaldo is furious, but it is the right decision.
69 min Again Ribery cuts inside and goes for goal, but this time his effort takes a deflection on its way behind.
67 min CHANCE! This is unbelievable how Bayern have only scored once in this match. Another cross to the back post is nodded back across goal and Muller looks certain to tap it home from close range, but Ramos thwarts him at the final second! Muller and Lewandowski got in each other's way there!
67 min REAL MADRID SUB: That must have been some wily time-wasting tactics from Madrid as Carvajal does now skulk off to be replaced by Karim Benzema.
65 min This is a bizarre incident as Carvajal goes down and needs treatment, but then wonders over and takes the throw in! He had been expected to come off as it looks like a hamstring problem, but now he is playing on while Benzema is ready to come on.
63 min CHANCE! Another chance for Ribery as he collects the ball on the left side of the area, but once again Navas is equal to his subsequent effort as Ribery tries to sneak it in at the near post.
59 min CHANCE! Ribery has looked the most likely for Bayern tonight, and he comes close again here as he twists and turns to create space to shoot. Navas is quickly off his line to close the angle, though, and he makes a good save.
57 min Real Madrid have a second away goal as they take full advantage of a terrible mistake from Rafinha - one which could prove to be decisive in this tie.
Bayern have the situation in control until Rafinha plays a suicidal square ball straight to Asensio, leaving Real Madrid with a two-on-one scenario. Asensio gives it to Vazquez before receiving the return ball and keeping his composure to clip his finish past the keeper.
57 min GOAL! Bayern Munich 1-2 Real Madrid (Marco Asensio)
56 min Muller bends a cross to the back post for Lewandowski, who manages to use every inch of his height to knock it back into a dangerous area. There is no red shirt waiting there to knock it in, though.
54 min The Bayern fans, players and coach seem to be getting more and more frustrated with the referee over what they perceive to be a lenient showing tonight, but in truth he hasn't done much wrong at all.
52 min YELLOW CARD! The first yellow card of the evening is shown to Ribery for a challenge on Varane, much to the chagrin of the home fans.
50 min CHANCE! This is a crucial piece of defending from Varane as he denies Ribery a certain goal! It is lovely play from Muller as he dances past his marker before playing a low ball into the box, but Varane's touch just takes it away from the waiting Ribery.
48 min This first leg is fascinatingly poised now. Bayern need one or two more goals at least you'd think considering Real now have that away goal, whereas 1-1 is a pretty good scoreline for the visitors, so it could be attack vs. defence for long spells.
46 min KICKOFF: Real Madrid get us back underway for the second half, and the visitors have made a change at the break with Marco Asensio replacing Isco.
Bayern have created the vast majority of the chances, but somehow they find themselves level at the break following a late goal from Marcelo just before half time. The first goal changed the game in Bayern's favour, and the hosts will not be hoping the opposite is not true of the Madrid goal.
45+3 min HALF TIME: Bayern Munich 1-1 Real Madrid
45+3 min CHANCE! One final first-half chance for Bayern as Muller is just short of turning the ball home at the back post following another cross into the box.
45+1 min CHANCE! Almost an immediate response from Bayern as Lewandowski attacks a free kick and meets the ball with a towering header. It is one he would expect to score, but he nods it too close to Navas, who spills it but is still able to collect at the second attempt.
45+1 min There will be two minutes of added time at the end of this first half.
44 min Where did that come from?! Real Madrid have been on the back foot since falling behind, but suddenly they level things up right on the stroke of half time as Marcelo scores in the semi-finals - having also netted in the last 16 and quarter-finals.
Ramos pings a ball across to the right side of the field where Carvajal nods it back across the edge of the area. Ronaldo decides against another bicycle kick, but the loose ball drops to Marcelo, who picks out the bottom corner with a lovely crisp strike.
44 min GOAL! Bayern Munich 1-1 Real Madrid (Marcelo)
43 min CHANCE! Real Madrid are just hanging on until half time now. Rafinha's cross into the box should be attacked by a defender, but instead they all stand watching as Muller meets it with a clean volley which is blocked before it tests the keeper.
41 min CHANCE! Another big chance for Bayern to double their lead! Lewandowski's flick at the front post from a corner takes the ball through to Hummels, but it is an awkward height for him and his volley goes over the crossbar.
40 min Here is the only goal of the game so far, complete with another error from Navas..
38 min The Bayern bench is in uproar here as Carvajal brings down Rafinha, prompting deafening whistles from the home fans. There was very little in it, in truth, and the referee keeps his head to avoid further punishment.
36 min Bayern will really feel that they need to make the most of this. Real are rocking at the moment and Bayern are very much on top after that opening goal.
34 min CHANCE! Oh what a chance this is for Bayern to double their lead! Isco loses the ball and that allows Bayern to give the ball to Ribery, who looks to have only Navas to beat. However, it is a really poor first touch from the Frenchman and the chance goes begging.
34 min BAYERN SUB: The hosts are indeed forced into another early change, with Niklas Sule replacing Boateng.
33 min Another nervy moment for Navas as he punches the ball out from Ribery's cross when it was an easy catch. Bayern will feel that they can get at him tonight.
31 min This could be more bad news for Bayern, who have already lost one key player in Robben. Boateng is now down with what looks like a hamstring injury, and they could be forced into a second first-half sub here.
29 min Seconds after going ahead Lewandowski breaks into the Madrid box again, but Varane does enough to shepherd the ball back as the appeals for a penalty fall on deaf ears.
28 min Oh Keylor Navas, what are you doing here?! The Real Madrid keeper came under huge scrutiny after the quarters, and he will do so again after this. Bayern suddenly cut through Bayern as Kimmich finds himself clean through on goal down the right flank following a burst forward. Navas gambles thinking that Kimmich will cross the ball, but he instead goes for goal and beats the keeper at his near post. That would have been a simple save had he just stood there!
28 min GOAL! Bayern Munich 1-0 Real Madrid (Joshua Kimmich)
27 min CHANCE! This is half a chance by Ronaldo's standards as he attacks a Vazquez cross really well, but he cannot get enough on his header.
25 min There haven't been any major scares at either end of the pitch so far, but there is a growing feeling that the tide is turning in Madrid's favour right now. The visitors are seeing more and more of the ball, while Bayern have been a little sloppy in the past 10 minutes or so.
23 min CHANCE! A Real Madrid chance has been coming, and sure enough it happens here. A Rafinha challenge inside the box only succeeds in taking the ball into the path of Carvajal, who unleashes a first-time effort which flies straight into the arms of Ulreich.
22 min Still not much to separate these two sides as we approach the midway point of the first half. Madrid have begun to creep further and further up the pitch, with Ronaldo beginning to become a bit more involved.
20 min Modric finds Ronaldo in a bit of space down the right channel before bursting into the box in search of the return ball, but Boateng makes a crucial interception to block the cross.
19 min SAVE! The first save of the night is made by Keylor Navas as Rafinha lines up a long-range effort which bounces just in front of the Real Madrid keeper. His handling is good on this occasion, though, as he gathers it with minimum fuss.
17 min Navas was shaky in the quarter-finals, but here he pings a magnificent 80-yard pass to Isco, whose first touch is equally divine. Isco works space to shoot, but his effort from outside the box is blocked.
16 min Ronaldo gets his first chance on the ball tonight but is quickly left on the floor following a challenge from Boateng just outside the area. The referee is having none of it, though.
14 min Bayern have seen most of the ball in this match so far and will perhaps be the slightly happier team right now. Zidane's team selection was a show of respect for Bayern, and they are showing why.
12 min We haven't seen much from Cristiano Ronaldo in these opening exchanges, but he only needs one chance to change the game. It is a tense and cagey affair right now, but still one of very high quality.
10 min After a breakneck start to the match, it has just been a little stop-start in the last few minutes. This time Lewandowski and Ramos are both down after a painful clash of the shins.
8 min BAYERN MUNICH SUB: Sure enough there is the change, with Thiago replacing the injured Robben.
7 min Robben is back on his feet and looks like he wants to continue, but Thiago is stripped and it looks as though Bayern will be forced to make a very early change.
5 min Finally there is a stoppage in play, but it is worrying news for Bayern Munich. Robben has gone down and Javi Martinez appeared to suggest that he will not be able to continue.
4 min Bayern go straight up at the other end and have a penalty appeal as Ribery hits the ball against Carvajal, but the referee waves it away. Non-stop action in these opening exchanges!
2 min This match has started at an incredible tempo. Bayern's defence goes to sleep as Marcelo's pass forward releases Kroos down the left flank, but his cross into the box goes all the way through to safety.
1 min Within 30 seconds Bayern have their first hint of a chance as Carvajal's error gifts the ball to Lewandowski, whose cross is just too high for Muller to make a good connection with at the far post.
1 min KICKOFF Here we go then! Bayern Munich get us underway for what should be a cracker!