The England midfielder enjoyed a stunning first campaign at the Bernabeu last term as the team won both La Liga and the Champions League and his coach thinks he will be even more influential this time around.
In an interview with TNT Sports, Ancelotti said: "I think Jude surprised everyone last season when he started and now, he’s doing really well.
"He’s really mature and takes more responsibility in the squad, he’s a really important player for us. As he did last season, he’ll do the same this season."
Asked if Bellingham can get better as a player, the Italian coach replied: "I think so. He has a lot of quality, really mature, really strong character.
"He’s a really important player in the squad, not only for what he did on the pitch but also the environment is really important for his personality."
Kylian Mbappe has joined a formidable forward line at Real and Ancelotti is confident that the French sensation can win his first Champions League trophy with the club.
He said: "I think it will be exciting for him to play with the shirt of Real Madrid. He has this fantastic dream to win a Champions League and I think he chose the right place to make his dream come true."
Real have made a slow start to the season as they trail leaders Barcelona by four points in La Liga but Ancelotti is confident that his side will get better as the campaign progresses.
He said: "I think we are improving. As I said, we started with most of the players on August 9 so we are still in pre-season.
"We are improving, we are satisfied. We are not the best in this moment but we are going to be in our best condition very soon."