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Bilbao led 1-0 from the first leg in Madrid and quickly doubled that when Inaki Williams was teed up by his younger brother to put them one up on the night.
Three minutes before half-time, the roles were reversed with Inaki providing the assist for Nico Williams to give the Basques a three-goal cushion. Gorka Guruzeta, who has already netted 10 tmes in La Liga this season, added a third just after the hour to seal the tie.
Bilbao are the second most successful team in the history of the Copa del Rey, their 23 titles behind only Barcelona's 31, their most recent coming in 2020-21.
The showpiece at La Cartuja in Seville on April 6 will be their 40th final and first against 2003 winners Real Mallorca who edged past Real Sociedad on penalties earlier in the week.
