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The 16-year-old Yamal cancelled out Randal Kolo Muani's opener with a sublime shot in the 21st minute to become the youngest scorer in a Euro or World Cup.
The defender bundled the ball into his own net in the 76th minute under pressure from Cody Gakpo.
Manuel Akanji missed for Switzerland while England converted all five in shootout.
Mikel Merino scored the winner in the 119th minute to make it 2-1 for Spain.
Defeat for Portugal is set to spell the end of the 21-year international career of 39-year-old Ronaldo.
England's Jude Bellingham was slapped with a fine for a crotch-grabbing gesture at Euro 2024.
The gesture is linked to the 'Grey Wolves', an ultra-nationalist youth branch of Turkey's Nationalist Movement Party, an ally of President Tayyip Erdogan's ruling AK Party.
Hosts Germany meet Spain in the first quarterfinal, while Portugal take on France in another mouth-watering clash.
‘It was a match where we reflected the team spirit from the first minute to the last minute,’ said Turkey coach Vincenzo Montella.
Substitute Donyell Malen scored a brace in a 3-0 win in the round-of-16 tie.
Results 11-20 of 66
