Yes, bullfighting is still legal in Madrid and, since 2016, throughout the entire country of Spain.
Other regions and cities have attempted to impose local bans on bullfighting, but these bans were overturned by the national government.
Bullfighting continues to draw large crowds in Madrid at its main bullring, Las Ventas, short for La Plaza de Toros de Las Ventas del Espíritu Santo.
Bullfighting season runs from March to October, but the best time to see one in person is May through June during the festival of San Isidro.
During this time, there are daily fights over the course of 20 days, including young bullfighters fighting novillos, rejoneadores fighting on horseback, and traditional fights with the matador that is so firmly ingrained in the collective imagination.
Outside of San Isidro, bullfights in Madrid are usually held on Sunday evenings.