Rodriguez sustained the injury during his side's 2-1 Primera liga win over Sevilla on Thursday (AEDT), going under the knife the next day.
Madrid has not announced how long Rodriguez is likely to be out of action for, but reports in Spain suggest the best-case scenario for the Colombia international is that will be sidelined for around two months.
That would see the Rodriguez miss at least nine matches, including Primera Division clashes with Atletico Madrid and Barcelona, plus both legs of his side's Champions League last-16 tie against Schalke.
"Real Madrid's James Rodriguez has undergone surgery on the fracture he suffered in the fifth metatarsal in his right foot," a Madrid medical statement read.
"The operation was a complete success and was carried out by doctor Mariano de Prado under the supervision of doctor Jesus Olmo, the Real Madrid CF doctor."
Sergio Ramos also went off injured in win over Sevilla, which saw Madrid open up a four-point gap at the top of La Liga.
Ramos had been substituted after nine minutes with a hamstring problem, but it is unclear how long the defender may be sidelined.
"Sergio had a hamstring problem," manager Carlo Ancelotti said after the match on the club website. "We cannot evaluate it yet. We must wait a few days."
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