Louis Page scored direct from a corner to give us the lead in Marbella over the newly-promoted Albicelestes, who levelled after the break through Chupete. Russell Martin made changes to his XI in the second period, with the Foxes having to overturn a deficit when Aaron Ochoa gave the Spaniards a lead.
Woyo Coulibaly, however, hit a sweetly-struck curler to get us level and then Tommy Neale's composed finish nudged us in front, although in added time, Carlos Dotor sealed a draw for Málaga with the last kick of the game.
It continues a positive summer for Martin's men, who have an open training session in front of the Blue Army to come this coming Friday at King Power Stadium, before hosting Serie A outfit Genoa on Saturday (7:30pm BST kick-off). An encouraging start
We were a match for our top-tier Spanish opponents for much of the contest at Banús Football Center. Málaga goalkeeper Carlos López was put to the test early doors when Sammy Braybrooke threaded the ball through to Will Alves, racing onto it before arrowing it low, but the 'keeper made the stop.
Stephy Mavididi flashed a powerful drive narrowly wide too before, in the 26th minute, Page's corner looped up above everyone in the box - López included - and nestled into the back of the net.
The Braybrooke-Alves link-up nearly came good again just before the interval, but the latter sent his strike wide.
Málaga hit back
Although still early in their own pre-season schedule, Málaga's promotion in 25/26 is a testament to the quality within Juan Francisco Funes' ranks.
Jakub Stolarczyk, on for the second half, had work to do early on but could do little when Chupete picked out the bottom corner from a short corner routine eight minutes into the half. Mavididi thrashed one at the 'keeper soon after, with Stolarczyk also saving well from Haitam as the pace of the game picked up.
Chupete hit the post too and Conor Chaplin saw a header saved. Ochoa, though, put Málaga in front in the 68th minute, threatening Leicester with a maiden defeat of the summer.
Settling for a point
Málaga's substitute goalkeeper Andres Cespedes was kept busier as the match wore on, palming away a Neale corner which, at one stage, looked like it was heading the same way as Page's earlier in the contest.
Ten minutes from time, Coulibaly, on loan at Sassuolo last term, then curled the ball from the edge of the box into the bottom corner to make it 2-2.
Before long, we were ahead as well, as Neale's calm 88th-minute finish put us on course for victory. Ochoa may have secured a draw for Málaga in added time, but there was plenty to like about this Leicester City display.