The Mandalorian and Grogu director acknowledges technical advances can be "disruptive", but he thinks people should exercise caution when using them.
"I have a healthy concern about what might come. I think each generation faces different challenges around technology; even positive technologies are disruptive," he told CBS Sunday Morning.
"Trying to avoid innovation doesn't seem to be a winning strategy, but helping to have transparency when using new technologies, understanding as best we could the ramifications of them, really thinking things through, and trying to be responsible - I think that's important."
The Iron Man filmmaker added: "Life has improved, but there are always unintended consequences if anything novel is embraced without being thoughtful about it and being measured.
"And fortunately, there's all different types of people, and we're gonna have an ongoing conversation about how these things work their way through, so I think I share most people's sense that we have a certain responsibility as we move into the next phase of whatever field we're in."
Favreau added he liked to "try to stay up on (news regarding AI) as much as I can and try to understand it".
AI in Hollywood has been a hot topic in recent years, and filmmaker Guillermo del Toro has been vocal about being against it in filmmaking.
In October 2025, the three-time Academy Award winner declared he would "rather die" than use generative AI in his movies.
When asked if he used generative AI in his $U120 million take on Frankenstein, del Toro said on an episode of NPR's Fresh Air podcast: "AI, particularly generative AI, I am not interested, nor will I ever be interested.
"I'm 61, and I hope to be able to remain uninterested in using it at all until I croak.
"The other day, somebody wrote me an email and said, 'What is your stance on AI?'
"My answer was very short. I said, 'I'd rather die'."
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