Real must overturn a 2-1 deficit to reach the semi-finals, with the Champions League their final chance of a trophy this season.
Bellingham said on Tuesday: "It's a very important match considering our situation in the league.
"Yes, it's like a final tomorrow. We want to compete and win the Champions League. We want to be there playing to win a title, not just watching the matches go by.
"It's a crucial match, and we all know how important it is, and we're going to give everything to win."
Bellingham also stated: “The most important thing is to be there. It will be difficult. It’s our fault we’re behind on the scoreboard. It will be a very long match and tie, for sure.
"Any defeat in the Champions League is a disaster, given our situation; it’s a final. We have a lot at stake and we have to play well. It’s all or nothing, that’s our mentality. We’re not going to hide. We want to believe; we don’t have any more chances. We have to play and win.”