Flying to Madrid - 5 day itinerary

Hi,
A few things:
- you say 5 days, does that mean 4, 5 or 6 nights in Spain? I'll assume 4.
- if you're not into museums, you could reduce your time in Madrid to the minimum (basically a day) .

With this in mind, I suggest, counting days (5 days / 4 nights) :
1. Madrid arrival, head to Cordoba by train, stay the night
2. Córdoba, head back to Madrid late in the day, stay in Madrid
3. Madrid, stay in Madrid
4. Day trip to Toledo OR spend the night if your flight is later than 11 or 12 on day 5
5. Departure

If you have an extra day/night, either
- day trip to Segovia.
- or forget Toledo, head to Granada from Córdoba, and spend 1-2 nights in Granada

Thank you so much! We have 5 full days there. would Toledo be preferred over Segovia?

Five full days, so six nights?
I love both Toledo and Segovia, but Toledo is a slightly easier day trip (fast train from center to center). Do some research to decide.
But if you have six nights, Granada and the Alhambra is more impressive than either Toledo or Segovia and you can include it:
I'd do, counting nights (it's what matters when you plan itineraries)
1. Arrival day, go to Córdoba
2. Córdoba, go to Granada late in the day
3. Granada, visit and book Alhambra
4. Leave for Madrid (3.5 hour train)
5. Madrid
6. Madrid, daytrip to Toledo or Segovia (if Toledo and if flight is late enough, you may sleep in Toledo)
7. Departure day

If your arrival time on day 1 is too late to catch train to Córdoba, then shuffle things around: sleep in Toledo, then Córdoba, then Granada for 2 nights, and Madrid for 2 nights.

Where are you flying from? When do you arrive in MAD? That is going to make a big difference in some of the advice, especially with your children.

Stay in Madrid and skip Cordoba (plan on going to Andalusia on another trip).

Do day trips from Madrid to Segovia and Toledo. Don't miss the wonderful Prado in Madrid.