The 91-year-old actor took a ride down a slide during the unveiling Wednesday at a Los Angeles elementary school.
Douglas and his wife, Anne, created a foundation that has provided more than $8 million to build or refurbish play areas in the Los Angeles school district.
Gov. Arnold Schwarzenegger was on hand for the dedication and praised Douglas and his wife for their efforts.
The governor and Douglas worked together in a 1979 movie called "The Villain" and have remained friends for three decades.
