Returning to the Santiago Bernabéu Stadium for 2016–17, Asensio's first competitive appearance took place on 9 August, as he played the full 120 minutes and scored a 25-meter effort in a 3–2 win against fellow Spaniards Sevilla FC in the UEFA Super Cup. He made his first league start 12 days later, netting the second goal in a 3–0 success at Real Sociedad.
