Despite having surgery less than 24 hours ago, Hart is reportedly up and chatting to his friends and family, while his wife Eniko Parrish, with whom he has 22-month-old son Kenzo, has been by his bedside the whole time, according to The Blast.
Early Sunday (local time), Hart's friend, Jared Black, was reportedly driving the star's 1970 Plymouth Barracuda when he lost control of the wheel of the vehicle, E! News reports.
Police told TMZ that the car veered off the road on the Mulholland Highway in Malibu Hills, crashed through a wooden fence and plunged down a 10-metre gully around 1am.
Black and his fiancé, Rebecca Broxterman, who wasn't injured during the incident, were originally trapped inside as the vehicle's roof was completely crushed.
Hart and Black both suffered "major back injuries" and were treated at a local hospital.
The Blast initially reported that doctors were running tests to determine how serious his condition his, however doctors believe the 40-year-old will make a full recovery.
California Highway Patrol confirmed to E! News that Black wasn't "under the influence of alcohol at the time of the collision".
A witness claimed that Hart got out of the vehicle first, where a member of his security team picked him up in an SUV.
Police said that a member of Hart's security team came to the scene and drove the actor to his home nearby to get "medical attention" before being taken to hospital.
The star had bought the car as a 40th birthday present for himself in July.
- additional reporting Bang! Showbiz
