Won an Academy Award for Best Actor for his role in the 1987 film Wall Street. He reprised his role in the 2010 sequel Wall Street: Money Never Sleeps. His other notable film credits include The Game, Traffic, Ant-Man, Basic Instinct, Falling Down and Wonder Boys. He is the son of legendary actor Kirk Douglas.
He studied drama at the University of California, Santa Barbara.
His role as flamboyant pianist Liberace in the 2013 HBO biopic Behind the Candelabra earned him an Emmy Award.
He won an Academy Award for producing the 1975 feature One Flew Over the Cuckoo's Nest, which also earned Jack Nicholson an Academy Award for Best Actor.