Jon Favreau wasn't sure about "Iron Man" when he signed on to direct and star in the first movie.

While accepting his star on the Hollywood Walk of Fame, Favreau spoke with Fox News Digital about his friendship with Robert Downey Jr. and what it was like starting the Marvel Cinematic Universe together with the first "Iron Man" movie in 2008.

"For us to have started out so many years ago with something that was anything but a sure thing, has turned into something that people have grown up with and grown to love, those Marvel films, it's great," Favreau said. "To have him here just grounded the whole thing. I know for most people it's you're seeing a movie star, but for me, it's an old friend who I got to share this moment with."

Downey Jr. was there to honor his friend, taking the stage to introduce him while also commending him on his amazing career as not only an actor but also a writer, producer and director. He shouted out the projects, "Swingers," "Elf," "Iron Man," "Chef," "The Jungle Book," "The Lion King," "The Mandalorian" and his role of Happy Hogan, Iron Man's best friend.

Robert Downey Jr and Jon Favreau

Robert Downey Jr., left, and Jon Favreau attend Favreau's Walk of Fame ceremony. (Alberto E. Rodriguez / Getty Images for Disney)

Jon Favreau, Robert Downey Jr, Roy Choi Hollywood Walk of Fame

Robert Downey Jr., right, praised Jon Favreau, center, on the Walk of Fame stage, saying the famed director was always searching for how to make things better. (Fox News)

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One of the things Downey Jr. admires most about Favreau is his humor and desire to always come up with ways to stay fresh and try new things.

"He deeply understands that life is fleeting, and if we're not laughing, we're dying. I believe the reason he is so competent and complete and [artistic] stems from his mastery of the deep dive," Downey Jr. said. "Whether it's becoming a chef in order to play one or co-creating a technology to provide a new form of entertainment, he is relentless in the pursuit of what's next and what's possible."

His experiences working with other actors, such as Downey Jr., to create art is one of the things that jump out to Favreau when he thinks about his decades in the film industry. He said that being able "to have a life in the theater" and "work with people who share those passions" has been "the highest honor" of his career.

Favreau said he is "most proud of the people that [he's] met and the collaborations" he was able to engage in, explaining sometimes that "you get lucky" and are able to create "a film or a TV show that other people could enjoy," and that's very special.

Jon Favreau getting his star on the Hollywood Walk of Fame

Favreau explained he is most proud of the collaborations he was able to participate in throughout his career, which resulted in great films. (Phillip Faraone / Getty Images)

The "Elf" director told Fox News Digital that it is "a wonderful honor to receive a star on the Walk of Fame," saying it is a culmination of his work throughout the decades.

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"My friends and I, we'd all walk up and down these streets when we were coming here to see movies when we first were trying to break into the film business, and now to be one of the names people walk upon as they take in the beautiful sights of these old theaters, these old movie palaces, and to be part of the tradition that's been around for so long and to be part of the fabric of this neighborhood is a high honor," he said.

Favreau's first time stepping outside the acting box was in 1996 when he wrote, produced and starred in the movie "Swingers," which is about a wannabe actor who is having a hard time recovering after a breakup. He has since gone on to write the film "Chef," create the show "The Mandalorian," direct two "Iron Man" movies, as well as produce multiple Marvel films.

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In 2018, Favreau created Golem Creations, a production company, which has produced "The Mandalorian" and "The Book of Boba Fett," both for Disney+.