Valladolid's passion for theater is well-known, as it is one of the cities with the highest number of theaters per capita. Currently, it boasts the Calderón, Zorrilla, Carrión, and Cervantes theaters, the Laboratory of Arts of Valladolid (LAVA), the Borja Hall, and the experimental 'Álvaro Valentín' hall at the Miguel Delibes Cultural Center.

The Calderón Theater, the city's main stage, offers an exquisite repertoire each season, including national and world premieres as well as in-house productions. The country's leading theater companies, directors, and actors grace its stage every year. Theater, dance, and opera coexist in its program, complemented by high-quality family-friendly productions, including performances for young children.

Cutting-edge performances find their home at the Laboratory of Arts of Valladolid (LAVA), a multidisciplinary space that welcomes the most daring and groundbreaking trends. Contemporary dance and programming for children and young people also have their place here.

The stable programming of the Zorrilla Theater and the Carrión Theater, two historic venues in the city, along with the Cervantes Theater and the Borja Hall, which were recently revived thanks to private initiative, and the programming at the Miguel Delibes Center, complete a theatrical landscape that makes Valladolid perhaps the mid-sized city with the highest per capita theater offerings.

Valladolid also celebrates theater in its streets. The International Festival of Theater and Street Arts (TAC) is the city's grand celebration of performing arts. Towards the end of May, the most unexpected corners become stages, showcasing various forms of expression such as dance, clowning, theater, and performance art. TAC is the only festival in Spain that has dedicated an exclusive cycle to this groundbreaking genre. Circus arts hold special prominence in the event, recognizing it as one of the oldest forms of artistic intervention in public spaces and a prolific source of new ideas, which is acknowledged with a specific award.