Russell revealed all on the BBC One Show as he was interviewed with sci-fi film Guardians of the Galaxy Vol 2 co-star Chris Pratt.
Host Gyles Brandreth recounted the story of an unidentified pilot who was flying in his private aircraft with his son near an airport in Phoenix.
He said the pilot spotted six lights in the night sky and reported this to the control tower to find out what was going on.
Russell responded: “The tail number for that plane was Bonanza two Tango Sierra, and I was the pilot.”
A new witness to the Phoenix Lights UFO incident has surfaced.
Kurt Russell says he got a bird’s eye view of the Phoenix lights.
He said: “We were on approach and I saw six lights over the airport in absolute uniform, in a V-shape.”
Russell said they called the control tower which said its radar did not detect anything.
The actor said the pair of them gave it no further thought.
But around two years later he said he returned home to find Goldie Hawn watching a programme about the Phoenix Lights incident.
He said: “That was the most viewed UFO event. Over 20,000 people saw it.
“As I watched the show, I felt like Richard Dreyfuss from Close Encounters.”
We were on approach and I saw six lights over the airport in absolute uniform, in a V-shape.
The show then mentioned that a pilot reported seeing the UFO upon landing, and that is when Russell thought to himself, “that was me”.
He said he went to check his log book and his flight coin diced with the Phoenix Lights incident.
He said: “The fascinating part to me is that it just went, literally, out of my head. Oliver never mentioned it.
“Had I not seen that show, I would have never thought of it. That, to me, was the weird part.”
Earlier this year, claims emerged that people suffered memory loss and numbness and did not speak about the Phoenix Lights incident afterwards.
“Prior to this, Russell has not been associated with the famous Phoenix UFO sighting.”
The infamous Phoenix Lights incident happened on March 13, 1997, when five lights were seen in a formation by thousands of people over three hours from 7.30pm to 10.30pm.
The sightings took place a cross a 300-mile area from Phoenix to Tucson.
It was blamed by officials as military flares at the time.