The Walk the Line heart-throb, 31, was driving along a canyon road above Sunset Strip in Los Angeles when his brakes failed.
The actor lost control of his car, which overturned and collided with another vehicle, police spokesman Jason Lee confirms. Fortunately both drivers were unhurt and Phoenix was able to walk away from the scene after he was assisted out of the vehicle.
His publicist Susan Patricola says, "His brakes went out and the car flipped over. But he's doing fine. He may be very sore in the morning, but right now he is doing OK."
Patricola adds the accident will not affect his planned attendance of the Screen Actor's Guild (SAG) Awards on Sunday.
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