The defending champion in the singles was the local hero Rafael Nadal , who won the tournament for the fourth time. His final opponent Kei Nishikori gave up the game due to an injury when the score was 2: 6, 6: 4 and 3: 0 for Nadal. In doubles, the American brothers Bob and Mike Bryan were the defending champions. Although they also reached the final again, they lost to Daniel Nestor and Nenad Zimonjić 4: 6 and 2: 6.
The field of participants in the single competition consisted of 56 players, that of the doubles competition consisted of 24 pairs. The eight top seeded players in singles or pairings in doubles each received a bye into the second round.
Qualification for the Mutua Madrid Open 2014 took place on May 3rd and 4th, 2014. From 28 participants, seven qualifying places were played, which entitle them to participate in the main draw of the tournament.
At the Mutua Madrid Open 2014, the following prize money and world ranking points were paid out or credited for reaching the respective round. Players who entered the main field from qualification received the specified qualification points in addition to those for reaching the respective round. Otherwise the amounts are not to be understood as cumulative. The amounts for the double competition apply per player.