The Teatro Real Foundation is chaired by the King and Queen of Spain. It relies on two public administrations that took part in its creation: the Ministry of Education, Culture and Sports, and the Comunidad de Madrid (Regional Government of Madrid). The Foundation is governed by a Board of 31 trustees. The Board of Trustees elects the President of Board and the Executive Commission as proposed by the Ministry of Education, Culture and Sport. The Foundation is a public entity and there is an important role played by civil society in its governance and sponsorship.

The objective of the Teatro Real is to create a venue for the most talented singers, conductors and stage directors from around the world. Its artistic mission is expressed in programming which seeks excellence by combining classical and contemporary lyrical repertory to appeal to audiences of all ages and interests. Introducing young people and children to opera is of particular concern. All this, along with the Principal Chorus and Orchestra of the Teatro Real, the most up to date technological expertise and the large number of in house productions on stages around the world has firmly positioned the Teatro Real in Spain and abroad.

The Teatro Real abides by a self-governing, permanent and professional management style, in accordance with the most important national cultural institutions.