Real Madrid defeated Bilbao 2-0 with goals coming from Luka Modric and Karim Benzema while Thibaut Courtois saved a late penalty from Raul Garcia.
It marked Real Madrid’s first trophy since the 2019/2020 La Liga title while Ancelotti ended a personal four-and-a-half-year trophy drought after spells at Napoli and Everton.
Real Madrid top the La Liga table at the halfway stage of the season and they are also in contention for the Copa del Rey and UEFA Champions League, where they have a last 16 date with Paris Saint Germain next month.
Ancelotti won four trophies in his first spell as Real Madrid manager, including the UEFA Champions League in 2013/2014, and the Italian is adamant this is just the start of a new period of success for Los Blancos.
"I am very pleased, happy, and we continue," Ancelotti said. "We are going to compete, but being here is lucky. It is an honour to train this team and this club. By the way, we are going to compete for the other competitions.
"We have the strength to fight for all competitions. This is a team I like to watch play. We don't have just one way of playing, but rather different ones and that is the strength of this team."
"I'm not tired of winning, because the last one was a [German] Super Cup with Bayern and I hadn't won for a long time," he added.
"Winning is the end of the job. Winning means you've done a good job. Sometimes it isn't. I've done a good job at Napoli or Everton and I haven't won anything."
"When you win a lot, you think you're the most handsome, that you play the best football in the world and the sacrifice goes down a bit," Ancelotti said.
"Fortunately, the sacrifice of our players is high. I think my players are not handsome … they are very ugly."
