The Blues, who claimed the UEFA Champions League trophy last season and started the English Premier League season with three consecutive wins, were unable to deal with Falcao who netted his hat-trick before the break. Miranda made it 4-0 in the 60th minute before Gary Cahill slammed home Chelsea's only goal of the game.
The Spaniards were ripping the Blues apart from the start with Adrian seeing a shot blocked by Cahill in the second minute before Falcao slammed a shot into the crossbar a minute later.
Atletico would take the lead three minutes later though as Falcao ran onto a terrific pass from Gabi before shaking off David Luiz and clipping his shot over Petr Cech.
The Blues tried to respond through Eden Hazard who curled a shot over in the 12th minute while Arda Turan nodded off target in the 17th minute.
Falcao's brace would then be sealed in the 19th minute when he beat the offside trap and took advantage of some sloppy defending from Luiz and Cahill to chip his shot in at the far post.
It should have been 3-0 in the 35th minute but Adrian somehow lifted the ball into his face from six yards out before Falcao directed the rebound onto the post.
The miss would not matter much though as Falcao completed his hat-trick on the stroke of half-time when he slid the ball under Cech.
Chelsea improved after the break and saw Fernando Torres hit a shot just wide but Atletico would add a fourth when the ball fell for Miranda in the area and he fired home.
Substitute Oscar drove a powerful effort wide in the 67th minute before Frank Lampard had a shot blocked six minutes later.
Cahill would net a consolation goal a minute later when the ball dropped at his feet from a corner and he hammered it past the goalkeeper.
Luiz almost gifted Atletico a fifth goal late on when he touched a cross from Emre toward his own goal but it came back off the post.
Atletico never looked in real danger of letting their lead slip and secured their second Super Cup in three years
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