Itinerary for 3 days in Madrid?

The tourist sights are Royal Palace of Madrid Templo de Debod, Plaza de España, walking along Gran Vía, Plaza Mayor, Mercado de San Miguel, Puerta del Sol and the museums - Museo del Prado and Museo Nacional Centro de Arte Reina Sofía, 

I'd recommend taking a walk from east to west and ending in Parque del Retiro. Also check out the Círculo de Bellas Artes terrace for a cool view of downtown Madrid.

If you're in Madrid over the weekend, check out El Rastro (the street market on Sundays) in the La Latina neighborhood.

Food: For ethnic food, head over to Lavapiés, and for a more hip, laid back vibe, check out any of the restaurants in Malasaña that have terraces, they're fantastic! TOMA CAFÉ in Malasaña has some of the city's best coffee, La Bicicleta Café is also very popular in the neighborhood. Mistura Handcrafted Ice Cream has the best ice cream, and it's just off of Calle Fuencarral, one of the main shopping streets.

For a more offbeat experience, I'd recommend exploring the Malasaña and Chueca neighborhoods.

Hello Yoni. Outstanding suggestions from Lavi Nair!! I will only add a few places that I loved when I visited Madrid 2 years ago. If you visit Parque del Retiro go to see Palacio de Cristal!! It is an outdoors beauty!!.  Mercado de San Miguel, Mercado de San Antónare also good alternatives for great food, drink a beer/sangria and have a talk (Mercado San Anton has a pretty cool terrace).  If you enjoy flamenco,  I will recommend to visit Tablao Villa Rosa. Taberna Alhambra, Taberna Los Huevos de Lucio, Mercado de la Reina and Lateral are also excellent choices for food/tapas, sangria, etc.

Hope this helps!

If you are like me you have your greatest hits already planned.... So just get lost and drink sangria, then eat jamon at every chance and try to remember were the best place was, then try to find it again..... You won't be able to but it's a fun game!

Besides all the above, I would reserve 1 day to go to Toledo (45 min. Train ride) is a must.

Madrid is a wonderful city that really comes alive late at night! If you like art don't miss the Museo del Prado, the Museo Nacional Centro de Arte Reina Sofía and the Museo Thyssen-Bornemisza museums. They are located close together and are worth a whole day between them. I also loved the Sorolla museum http://museosorolla.mcu.es If you like football try to take in a game at the Estadio Santiago Bernabéu where you will see Real Madrid do their thing. It's worth taking a tour of the stadium too.  Madrid is also packed full of green areas and parks, like Parque del Retiro to while away some time in. The nightlife in Madrid is something to experience! Hit the town at midnight for food and music, come home at 5 or 6am, stopping for churros and chocolate on the way. Take a tapas night tour to get your bearings. I love the La Latina district for good tapas bars and a lovely chilled vibe or go to Calle Cava Baja and bar hop for great tapas. Don't miss Mercado de San Miguel near Plaza Mayor. It's a great place for good food on-the-go and people watching. For a more upmarket eating experience I highly recommend La Castela near the Retiro park. For live music and flamenco go to Cardamomo Tablao Flamencoor head to the Huertas barrio and Populart

Try Cerveceria el Tigre, typical, a restaurant with only locals. Very Spanish, order a drink and get free tapas! We loved it!