Both Downey and Favreau were inducted as Disney Legends, described by the Walt Disney Company as a talent who has "made remarkable contributions to the Disney legacy."
When accepting his award, Downey thanked Favreau and the legion of Marvel fans who made his 11-year tenure as genius-billionaire-playboy-philanthropist Tony Stark possible.
"For my part, playing Tony over many years, the thematic idea that technology can guide our species towards enlightenment or destruction, it's been a really worthwhile and ongoing meditation," Downey said. "Honestly, it's been a great gift."
Favreau, who directed Iron Man and 2010 sequel Iron Man 2 before helming Disney's remake of The Jungle Book and billion-plus grosser The Lion King, said he was inspired by the legendary work of Walt Disney, who created "indelible memories" when tapping into stories that extend "all the way back into human history."
"I thank Disney and all of you for the opportunity to tell these stories, to explore technology, and help bring magic to the next generation," he said.
Downey and Favreau starred opposite one another in all three Iron Man films before sharing the screen again in Spider-Man: Homecoming and Avengers: Endgame, which culminated with the death of Downey's selfless Stark.
"I've talked to [Marvel Studios president Kevin Feige] about it to see what they're up to, but we definitely love working together and we love these characters," Favreau said from the set of Spider-Man: Far From Home, where he reprised his role of Happy Hogan. "We talk about what it would be, and we always joke about the freak storyline which is the Happy Hogan storyline when he turns into a Hulk-like character. We joke about that. No plans, as of yet."