The Hollywood star was presented with the prestigious Legend award at a swanky ceremony at the Royal Opera House, in London's Covent Garden, which was attended the likes of Russell Brand, David Gandy and Samuel L Jackson.
Michael Douglas at the GQ Awards
The event was hosted by comic Rob Brydon and saw Sir Bobby given a lifetime achievement award by current Manchester United star Rio Ferdinand.
MORE GQ AWARDS
Douglas and his wife Catherine Zeta-Jones announced last week they were "taking some time apart" to "work on their marriage".
The couple, who married 13 years ago, have two children.
Other winners at the awards included Tom Ford, who was given the designer award by Timberlake, former Downton Abbey star Dan Stevens who won the most stylish award, and London mayor Boris Johnson, who won the politician award.
Emma Watson picked up the woman award, Who frontman Roger Daltrey won the editor's choice award, and Pharrell Williams was presented with the performer award by model Rosie Huntington-Whiteley.
This year's event is the 16th annual awards organised by the men's magazine.
WINNERS IN FULL
Hugo Boss Most Stylish - Dan Stevens
Comedians - Simon Pegg, Nick Frost and Edgar Wright
Politician - Boris Johnson
Oracle - Russell Brand
Breakthrough Menswear Designer Brand - Jonathan Saunders
Lifetime Achievement - Sir Bobby Charlton
Radio Personality - Nick Grimshaw
Entrepreneur - Evgeny Lebedev
Chef - Jason Atherton
Sportsman - Carl Froch
Writer - Charles Moore
Woman - Emma Watson
Editor's Choice Award - Roger Daltrey (Dylan Jones)
The Serpentine Gallery GQ Art Award - Tracey Emin
Band - Arctic Monkeys
Remy Martin Breakthrough - Eddie Redmayne
TV Personality - Piers Morgan
Performer - Pharrell Williams
Inspiration - Lou Reed
Icon - Noel Gallagher
Designer - Tom Ford
Genius - Sir Elton John
Legend - Michael Douglas