The veteran actor also discusses once again acting with wife Catherine Zeta-Jones someday.
Michael Douglas is opening up about facing his only daughter, 16-year-old Carys, entering the dating world.
ET's Katie Krause recently sat down with the legendary leading man, where he discussed navigating the touchy subject and how he copes with it.
"She's still pretty pure about all this," he admitted while promoting season two of his Netflix series, The Kominsky Method. "She's looking for a boyfriend, but she's in this vernacular where everyone is a 'friend.'"
"I go, 'What do you mean you're friends?'" he added, later explaining that this ambiguous terminology also applies to his 19-year-old son, Dylan's, social life. "They start like, 'Can I invite so and so over for a sleepover, a bunch of us?' Yeah yeah! …He invites girls and I was like, 'Wait, wait, wait, what's going on?' and he's says, 'Oh no, dad, they are friends. Come on, we're friends.'"
As for Douglas' daughter, the 75-year-old actor says she's definitely "looking for love."
"She likes kind of dark, Latin types," he added. When asked if he's a protective father, he responded, "I'm sure I will be. I give a lot of unsolicited advice, which is not a great idea, but I can't help myself!" So what kind of advice is he offering Carys?
"You gotta decide at an early age if you are more concerned about the looks versus who has got a good heart, who has got a good sense of humor, who's gonna be a good partner," he revealed. "I don't worry too much about her. She's in good shape."
Douglas also chatted about advice he received from his own father, fellow actor Kirk Douglas, that he's cherished ever since.
"Whatever you do in life, whatever you gotta do, just do it to your utmost ability," he conveyed. "Do it with full commitment and then, screw it if it doesn't work out. Move on. But, you know, you left it with the idea that there is nothing more you could have done."
The actor also discussed his upcoming 20th wedding anniversary with wife Catherine Zeta-Jones next year and how they've kept going strong.
"I've learned over the years to just, you know, honor and cherish," he said. "And part of that is getting older too because you have a finite amount of time left and you might as well make it as best you can. So, I try to be as considerate as I can to the person closest to me rather than waste my time with people I hardly know."
He also mentioned an interest in acting alongside his wife again now that they don't need to worry as much about their kids as they used to.
"We'd love to do things together. We did one picture years ago, Traffic, although we didn't have much to do together. And I guess we haven't because we always like to have …one of us was home for the kids," Douglas explained. "But now that we're pretty much empty-nesters, we might consider that!"
In the new season of The Kominsky Method, Alan Arkin's character, Norman, strikes up a relationship with an old flame named Madelyn, played by Jane Seymour, an old friend of Sandy Kominsky's (Douglas). However, when Seymour arrived on set with gray hair, Douglas admits he that didn't realize it was her, making for a hilarious surprise.
"I did not recognize her, I have known her for 40 years and I walked in and introduced myself and she's like, 'Michael.' I'm like, 'Yeah -- it's Jane! Jane?' She had a wig on, was aging herself up a little bit, but she looks pretty damn good."
Douglas also reflected on the success of the show and the audience it has found: "Yeah, I don't know what it is exactly other than maybe seeing the foibles of older people... You kind of see them the way we all really are...we don't know always what's right, what's wrong. Life is a roller coaster but it's been a real treat."
Season two of The Kominsky Method drops on Oct. 25 on Netflix.
See ET's full chat with Douglas up above.
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