Los Blancos trailed 1-0 on the night entering the 90th minute after Riyad Mahrez’s goal, having lost the first leg 4-3, meaning they were behind 5-3 on aggregate.
However, Real rallied with Rodrygo equalizing in the 90th minute, before scoring again in added time.
Karim Benzema was brought down inside the box by Ruben Dias, earning a penalty which he converted in the 96th minute for the winner to cap a stunning turnaround.
Something strange has happened. We had a wonderful night,” Ancelotti said.
“We played against a really strong team. Teams that at the beginning of the season were tipped to win the Champions League, like PSG, Chelsea and Manchester City.
“Now we’re up against another team. A lot of the credit goes to these players, to the fans that drive us on, not only inside the stadium but also the days before; the importance of this shirt and the history of this club. Were proud to be part of this club.”
Meanwhile, City boss Pep Guardiola was left to lament a huge missed opportunity for the English giants who are still yet to win the Champions League despite their vast resources.
“It is tough for us, I cannot deny,” Guardiola said. “We were so close to the Champions League final.
“Now we need to process that and come back, with our people at home and in the last four games we have.
“We didn’t play our best, but it is normal, a semi-final, the players feel the pressure and wanting to do it. Football is unpredictable, it is a game like this. We have to accept it.”