Douglas' father Kirk was given the same award 18 years ago
Michael Douglas will be presented with the American Film Institute's lifetime achievement award at a tribute event in Los Angeles in June.
Kirk Douglas, the 64-year-old's father, received the same honour in 1991.
"I am honoured and overwhelmed to be included in such a prestigious group of film-makers," Douglas said.
Douglas won a best actor Oscar for Wall Street and produced One Flew Over the Cuckoo's Nest, which won all five top Oscars in 1975.
"I am particularly moved to be following my father 18 years later," Douglas said.
AFI chairman Howard Stringer said Douglas was the "rightful heir to the throne of the royal family of American film".
He added: "Though he is most beloved as one of the great leading men of the movies, Michael is also a most accomplished film producer and, ultimately, an artist whose films have been elevated in the pantheon of American film."
Douglas, who is married to Welsh actress Catherine Zeta Jones, will soon be seen in Peter Hyams' courtroom thriller Beyond a Reasonable Doubt and Mark Waters' comedy Ghosts of Girlfriends Past.