The 52-year-old, known for his macho man image, is also returning to his original love - action on the big screen, and hopes to widen his horizons by venturing into direction, eventually.
"The experience of life, right from being involved in drugs, my mother's death, the death of my (first) wife (Richa Sharma), and the jail episode...the problems I have gone through helped me in one way - I can now play any character comfortably because I have seen so much," Sanjay told in a candid interview here.
Son of legendary yesteryear actors Sunil and Nargis Dutt, Sanjay never believed in succumbing to life's hardships - even when he was convicted for illegal possession of arms in connection with the 1993 Mumbai blasts.
"People shouldn't give up. Everyone should be strong within and have faith in god. Whatever happens to anyone, it's His will. I have no complaints. I had my share of ups and downs and overcame everything with a smile on my face. I will keep working, and will keep working hard," he said with conviction.
He harbours a wish to be set free in a pending court case, but at heart, Sanjay is at peace with his third wife, Manyata, and their twins.
"I'm a very lucky person to have a wife like Manyata. She is a homemaker. She has brought everything right, bonded the whole family, and given me two children. She has brought my life on track, and I have become more homebound," said Sanjay.
He first married actress Richa Sharma in 1987, but she died of brain tumour in 1996. The couple had a daughter in 1989, and named her Trishala. She currently stays in the US.
The actor then married model Rhea Pillai in 1998, but separated in 2005. However, Sanjay finally found solace in personal life when he tied the knot with Manyata in 2008, after dating her for two years. She gave birth to a girl and a boy in October 2010.
Now the "Munnabhai" of the Hindi film industry is getting back to what he is best at - action!
"It's damn good that action films are coming back. Ajay Devgn came as an action hero initially, and so did I. Romantic films and comedies had taken over the industry in between, but it's very good that action films are coming back," he said, indirectly pointing at recent action films like "Dabangg", "Singham" and "Wanted", which have worked well at the box office.
According to Sanjay, who made his debut in 1981 with "Rocky" and has done over 100 films since then, the charm of an action hero is unmatched.
"The stardom that an action hero has, always has a different high. It's always larger than life. If you see down south, actors like Rajni sahaab (Rajinikanth) and Surya are worshipped there with milk and garlands.
That's only because of their action image," said the actor, who featured in films like "Sadak", "Yalgaar", "Khalnayak", "Kshatriya" "Kurukshetra" and "Vaastav" and "Shootout At Lokhandwala".
Sanjay's daredevil side will soon be up for grabs in upcoming films like "Agneepath" remake and "Zilla Ghaziabad", as well as a "couple of more projects".
The actor-producer might also step behind the camera in the future.
"May be after five years, I would direct a film. But if I make a film it would be a complete commercial action film," he said.
Much before that, he is ready to make his small screen debut as the host of reality show "Bigg Boss 5".