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The elder son of Kirk Douglas and Diana Dill, Douglas earned his Bachelor of Arts in drama from the University of California, Santa Barbara. His early acting roles included film, stage, and television productions. Douglas first achieved prominence for his performance in the ABC police procedural television series The Streets of San Francisco, for which he received three consecutive Emmy Award nominations. In 1975, Douglas produced One Flew Over the Cuckoo's Nest, having acquired the rights to the Ken Kesey novel from his father. The film received critical and popular acclaim and won the Academy Award for Best Picture, earning Douglas his first Oscar as one of the film's producers.

Douglas went on to produce films including The China Syndrome (1979) and Romancing the Stone (1984), for which he received the Golden Globe Award for Best Motion Picture—Musical or Comedy, and The Jewel of the Nile (1985). Douglas received critical acclaim for his portrayal of Gordon Gekko in Oliver Stone's Wall Street (1987), for which he won the Academy Award for Best Actor (a role he reprised in the sequel Wall Street: Money Never Sleeps in 2010). Other notable roles include in Fatal Attraction (1987), The War of the Roses (1989), Basic Instinct (1992), Falling Down (1993), The American President (1995), The Game (1997), Traffic (2000), and Wonder Boys (2000).

In 2013, for his portrayal of Liberace in the HBO film Behind the Candelabra, he won the Primetime Emmy Award for Outstanding Lead Actor in a Miniseries or a Movie. Douglas starred as an ageing acting coach in the Netflix comedy series The Kominsky Method (2018–2021), for which he won a Golden Globe Award for Best ctor—television series  musical or omedy. He has portrayed Hank Pym in the Marvel Cinematic Universe, beginning with Ant-Man (2015).

Douglas has received notice for his humanitarian and political activism. He sits on the board of the Nuclear Threat Initiative, is an honorary board member of the anti-war grant-making foundation Ploughshares Fund, and he was appointed as a United Nations Messenger of Peace in 1998. He has been married to actress Catherine Zeta-Jones since 2000.

In July 2025, Douglas said that he was largely retired from acting, saying "I realized I had to stop [...] I did not want to be one of those people who dropped dead on the set". He added that while he was attached to one additional project and did not fully rule out future projects "if something special came up", he had no plans to work regularly again.