10 Best Madrid Restaurants with Cheap & Good Spanish Food

Madrid is a vibrant city known for its rich culture, stunning architecture, and, of course, its exceptional food scene. Whether you're a local or a visitor, finding the best Madrid restaurants can be overwhelming, given the sheer variety of culinary experiences on offer.

From Michelin-starred fine dining to hidden gems tucked away in the city’s charming neighborhoods, there's something for every palate. As someone who’s spent years exploring Madrid's gastronomic landscape, I’ve curated a list of top spots that not only offer mouthwatering dishes but also deliver an authentic taste of Spanish tradition with a modern twist.

If you’re craving traditional tapas, hearty paella, or innovative fusion dishes, Madrid has it all. With its mix of historic eateries and contemporary hotspots, the city’s restaurant scene has become one of the most dynamic in Europe. Whether you’re dining near the Royal Palace or in the bohemian district of Malasaña, you're in for a culinary adventure.

But how do you separate the truly great from the overrated? That’s where I come in! This guide will take you through the best restaurants in Madrid, providing not just names but insights into what makes each one unique, from the atmosphere to the quality of ingredients and the stories behind their dishes. Let’s dive into the must-visit spots for every food lover in Madrid.

10 Best Madrid Restaurants with Cheap & Good Spanish Food

Surely some of the places we are talking about will sound familiar to you (they are all legends of the capital) but we also bet that you don't know others and yes, they are worth a visit.

Are you hungry? Then let's start the gastronomic route:

1. Oh my mother (closed)

For us, this restaurant is one of the best places to eat cheaply (and very well) in Madrid. The daily menu costs €10.9 and includes a starter, main course, drink and dessert (€1 more). Every day they include a VEG alternative.

Lemon Street, 21

This free tour of Madrid is ideal for visiting the tourist attractions in the center with a local guide.

2. La campana, where to eat the best calamari sandwich in Madrid

We told you: we can't write this post without telling you where to eat the best calamari sandwich in Madrid. Well, we have it clear: here! The best thing is that it only costs €4. They have more sandwiches and tapas, but the truth is that here, the king is the calamari sandwich. Enjoy it! For us, it is one of the places to eat in Madrid that never fails 🙂

Calle Botoneras, 6 (a stone's throw from Plaza Mayor)

best calamari sandwich madrid

3. Matilda

A little gem in the Las Letras neighborhood. The place is a tiny cafeteria but it is lovingly and tastefully maintained. Every day they offer a daily menu for €18 (2 dishes, drink, dessert and coffee). Also recommended for breakfast or for a coffee + homemade cake 🙂 One of the best places to eat in Madrid, good and cheap, without a doubt.

Almaden Street, 15

4. Labra House

Another legendary place to eat in Madrid is Casa Labra, a traditional place, one of those places that have always been there, where you absolutely have to try the cod tajada, the cod croquettes and have a beer or a wine. Average price per person: 4-10€.

Tetuan Street 12

where to eat in madrid

5. NAP, to eat one of the best pizzas in Madrid

Are you craving pizza? I understand! They are so delicious here that as an Italian, I can't help but give them a thumbs up. There are several places around the city, but we went to the one in Malasaña (in Barcelona they also have pizzerias, yay!). My recommendation is the classic margherita... the truth is that in Spain it is usually considered a bland pizza, but in Italy it is the best since you can perfectly taste the main ingredients.

C. de San Bernardo, 51

6. Matute

During our last visit to the capital we were looking for a place with quality food and a daily menu at a good price. After searching a bit we came across the option of going to eat at Matute and after taking a look at the daily menu, well, it looked great and hey, after going we can't recommend it enough! For starters we definitely recommend the salmorejo, which they serve with goat cheese ice cream and yuca chips and the hummus with eggplant chips. For second course the ribs were divine. And for dessert, don't hesitate: the torrija with homemade ice cream is amazing. Price in July 2023: €15.50.

Pl. de Matute, 12

7. The Take Away Dressing

One of the best low-cost options in the Malasaña neighborhood. The daily menu costs €5.95 (salad or gazpacho or hummus + main dish) and includes healthy and delicious recipes. The only “bad” thing is that the place is tiny, but look on the bright side: you can order takeaway and eat it in a small square in Madrid. Be careful: don’t confuse it with another place also called Aliño (which is much more expensive).

Holy Spirit Street, 2

8. Tortilla Fish

It was one of the last discoveries of our trip to Madrid. We ended up here almost by chance as we were staying at La Latina and it was great: we tried 3 different tortillas and each one was better than the last. For less than €10 you can eat a huge and delicious pincho and a double beer.

C. de la Cava Baja, 42

restaurants madrid

Top Places with free tapas in Madrid

Did you know that there are several bars that serve free tapas in Madrid? Well, it's not free... you pay for it with the drink (small jugs of beer for around €5) but hey, you get the idea. Here are two classics:

9. The tiger

Ok. We wouldn't say that you're going to have the best bites of your life here, but El Tigre is one of the must-visit places to get something cheap in Madrid, as they serve huge (and free) tapas with every drink! You can eat with a couple of beers, but don't expect a posh place, although who wants posh places when there are cider houses like this one?

We got two half-litre jugs (5€ each) and they brought a huge plate with croquettes and potatoes with brava sauce plus another plate with several sandwiches. If you order beers (2.5€) they will bring you practically the same… this place is not even half normal XD

If you are on a diet, looking for real food and healthy food, don't come here.

Infantas Street, 30

10. The respite

El Tigre is not the only bar that serves free tapas in Madrid… Respiro is a perfect alternative. For €2 you can get a beer and a generous tapa (the broken eggs are to die for). The best thing is that it is located next to Tigre lake, so the ideal thing is to make both stops.

Infantas Street, 34

One option that we recommend if you like food tourism is to join a tapas tour in Madrid (although you can create your own route, with a little planning).

Map with the 10 cheap restaurants where to eat in Madrid

Here is a summary map with the location of the bars and restaurants in Madrid that we talked about in the post:

Those are oure top places to eat for cheap in Madrid, with tasty and authentic local cuisine. If you're in Cordoba, here are the Best Restaurants in Cordoba to bring your taste buds back to life.

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