"Michael Douglas is the rightful heir to the throne of the royal family of American film," Howard Stringer, chair of the AFI board, said in announcing the honor. "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' father, Kirk, was similarly lauded by the AFI in 1991.
Douglas has won two Oscars a best actor nod for 1987's "Wall Street" and a best picture win for producing 1975's "One Flew Over the Cuckoo's Nest."
His upcoming films include "Beyond a Reasonable Doubt" and "The Ghosts of Girlfriends Past."
Source: Hollywood Reporter