<PAGE>   1
                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


(Mark one)
[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED       MARCH 31, 1997
                               -------------------------

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to ____________________

COMMISSION FILE NO. 2-92121

                        DEL TACO RESTAURANT PROPERTIES II
                        a California limited partnership
             (Exact name of registrant as specified in its charter)

                    CALIFORNIA                      33-0064245
          (State or other jurisdiction of         (I.R.S. Employer
          incorporation or organization)       Identification Number)

   23041 AVENIDA DE LA CARLOTA, LAGUNA HILLS, CALIFORNIA   92653
       (Address of principal executive offices)          (Zip Code)

                                 (714) 462-9300
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes  X   No
                                      -----   -----


<PAGE>   2
                                      INDEX

                        DEL TACO RESTAURANT PROPERTIES II



<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                                           PAGE NUMBER
------------------------------                                           -----------
<S>      <C>                                                                  <C>
Item 1.  Financial Statements and Supplementary Data


Balance Sheets at March 31, 1997 (Unaudited) and
     December 31, 1996                                                        3

Statements of Income for the three months ended
     March 31, 1997 and 1996 (Unaudited)                                       4

Statements of Cash Flows for the three months ended
     March 31, 1997 and 1996 (Unaudited)                                      5

Notes to Financial Statements                                                 6


Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations                        8


PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                    10


SIGNATURES                                                                   11
</TABLE>









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<PAGE>   3
                        DEL TACO RESTAURANT PROPERTIES II

                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                   MARCH 31,        December 31
                                                     1997              1996
                                                  -----------       -----------
                                                  (UNAUDITED)
<S>                                               <C>               <C>        
                                     ASSETS
CURRENT ASSETS:
  Cash                                            $    97,359       $   117,357
  Receivable from General Partner (Note 4)             38,054            37,271
  Deposits                                              1,000             1,000
                                                  -----------       -----------
    Total current assets                              136,413           155,628
                                                  -----------       -----------

PROPERTY AND EQUIPMENT, AT COST:
  Land and improvements                             1,806,006         1,806,006
  Buildings and improvements                        1,238,879         1,238,879
  Machinery and equipment                             898,950           898,950
                                                  -----------       -----------
                                                    3,943,835         3,943,835
  Less--accumulated depreciation                    1,436,778         1,400,759
                                                  -----------       -----------
                                                    2,507,057         2,543,076
                                                  -----------       -----------
                                                  $ 2,643,470       $ 2,698,704
                                                  ===========       ===========

                        LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
  Payable to Limited Partners                     $     5,047       $     5,047
  Accounts Payable                                      4,817             3,000
                                                  -----------       -----------
    Total current liabilities                           9,864             8,047
                                                  -----------       -----------

PARTNERS' EQUITY:
  Limited Partners                                  2,656,320         2,712,800
  General Partner-Del Taco, Inc.                      (22,714)          (22,143)
                                                  -----------       -----------
                                                    2,633,606         2,690,657
                                                  -----------       -----------
                                                  $ 2,643,470       $ 2,698,704
                                                  ===========       ===========
</TABLE>



                          The accompanying notes are an
                   integral part of these financial statements




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<PAGE>   4
                        DEL TACO RESTAURANT PROPERTIES II

                              STATEMENTS OF INCOME

                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                          THREE MONTHS ENDED
                                                               MARCH 31
                                                         1997             1996
                                                    ---------        ---------
<S>                                                   <C>              <C>      
REVENUES:
  Rent (Notes 3 and 4)                                $ 104,167         $ 98,238
  Interest                                                  930              596
  Other                                                      75              175
                                                      ---------         --------
                                                      $ 105,172         $ 99,009
                                                      ---------         --------
EXPENSES:
  General and administrative                            21,894            20,282
  Depreciation                                          36,019            36,019
                                                      --------          --------
                                                        57,913            56,301
                                                      --------          --------
Net income                                            $ 47,259          $ 42,708
                                                      ========          ========

Net income per Limited
  Partnership Unit (Note 2)                           $   1.73          $  1.57
                                                      ========          ========
</TABLE>



                          The accompanying notes are an
                  integral part of these financial statements.




                                      -4-
<PAGE>   5
                        DEL TACO RESTAURANT PROPERTIES II

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED
                                                               MARCH 31
                                                         1997            1996
                                                      ---------       ---------
<S>                                                   <C>             <C>      
CASH FLOWS FROM OPERATING ACTIVITIES:

 Net income                                           $  47,259       $  42,708
 Adjustments to reconcile net income to net
  cash provided by operating activities:
    Depreciation                                         36,019          36,019
    Increase in payable to Limited Partner                 --             1,588
    (Increase) decrease in receivable
      from General Partner                                 (783)          8,861
    Increase in accounts payable                          1,817           7,875
                                                      ---------       ---------

     Net cash provided by operating activities           84,312          97,051

CASH FLOWS FROM FINANCING ACTIVITIES:

 Cash distributions to partners                         104,310         100,386
                                                      ---------       ---------

Net decrease in cash                                    (19,998)         (3,335)

Beginning cash balance                                  117,357         108,954
                                                      ---------       ---------

Ending cash balance                                   $  97,359       $ 105,619
                                                      =========       =========
</TABLE>



                          The accompanying notes are an
                  integral part of these financial statements.




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<PAGE>   6
                        DEL TACO RESTAURANT PROPERTIES II

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 1997


NOTE 1 - BASIS OF PRESENTATION

The accompanying financial statements, some of which are unaudited, have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements and should therefore be read in conjunction with the
financial statements and notes thereto contained in the Registrant's annual
report on Form 10-K for the year ended December 31, 1996. In the opinion of
management, all adjustments (consisting of normal recurring accruals) necessary
to present fairly the partnership's financial position at March 31, 1997, the
results of operations and cash flows for the three month periods ended March 31,
1997 and 1996 have been included. Operating results for the three months ended
March 31, 1997 are not necessarily indicative of the results that may be
expected for the year ending December 31, 1997.

NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per Limited Partnership Unit is based upon the weighted average
number of Units outstanding during the periods presented which amounted to
27,006 in 1997 and 1996.

Pursuant to the Partnership Agreement, annual partnership income or loss is
allocated one percent to the General Partner and 99 percent to the Limited
Partners. Partnership gains from any sale or refinancing will be allocated one
percent to the General Partner and 99 percent to the Limited Partners until
allocated gains and profits equal losses, distributions and syndication costs
previously allocated. Additional gains will be allocated 15 percent to the
General Partner and 85 percent to the Limited Partners.










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<PAGE>   7
                        DEL TACO RESTAURANT PROPERTIES II

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                 MARCH 31, 1997


NOTE 3 - LEASING ACTIVITIES

The Registrant leases (the "Leases") certain properties (the "Properties") for
operation of restaurants to Del Taco, Inc. ("General Partner") on a triple net
basis. The Leases are for terms of 35 years commencing with the completion of
the restaurant facility located on each Property and require monthly rentals
equal to 12 percent of the gross sales of the restaurants. There is no minimum
rental under any of the Leases. The Registrant had a total of five Properties
leased as of March 31, 1997 and 1996.

NOTE 4 - TRANSACTIONS WITH DEL TACO

The receivable from General Partner consists primarily of rent accrued for the
month of March. The March rent was collected on April 11, 1997.

Del Taco, Inc. serves in the capacity of general partner in other partnerships
which are engaged in the business of operating restaurants and four partnerships
which were formed for the purpose of acquiring real property in California for
construction of Mexican-American restaurants for lease under long-term
agreements to Del Taco, Inc. for operation under the Del Taco trade name.

In addition, see Note 5 with respect to certain distributions to the General
Partner.

NOTE 5 - DISTRIBUTIONS

On April 9, 1997, a distribution to the Limited Partners of $91,435 or
approximately $3.38 per Limited Partnership Unit, was approved. Such
distribution was paid on April 18, 1996. The General Partner also received a
distribution of $924 with respect to its 1% partnership interest.




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<PAGE>   8
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

Liquidity and Capital Resources

The Registrant commenced offering of Limited Partnership Units on September 11,
1984. By December 31, 1985, the sale of such Units provided a total
capitalization for the Registrant of $6,751,500. Fifteen percent of the cash
received from the sale of Limited Partnership Units was used to pay commissions
to brokers and to reimburse the General Partner for offering costs incurred. The
remaining funds were expended for the acquisition of sites and construction of
seven restaurants. In June 1986, the first two restaurants opened for business.
Four additional restaurants opened in 1987, and the seventh restaurant opened in
April of 1988. Approximately $5,600,000 was expended for such purposes. Two
restaurants were sold in 1994.

Since the restaurants owned by the Registrant commenced operation, cash flow
from Lease payments received from Del Taco, the Registrant's General Partner,
which leases all five remaining restaurants, has provided adequate liquidity for
operation of the Registrant. However, the Registrant's overwhelmingly
predominant source of income to meet its expenses and fund distributions to its
Limited Partners is payments from Del Taco under the Leases, comprising
primarily rent calculated on the basis of the gross sales of the restaurants
operated on the Properties, as to which there are no contractually specified
minimum or guaranteed amounts. Thus, the adequacy of the Registrant's liquidity
and capital resources in the future will depend primarily upon the gross
revenues of such restaurants as well as upon Del Taco's financial condition and
results of operations generally.

Results of Operations

The Registrant owned seven Properties that were under long-term lease to Del
Taco for restaurant operations. Two restaurants were sold in 1994 and five are
currently operating. For the five operating Del Taco restaurants, the Registrant
receives rental revenues equal to 12 percent of restaurant sales.

Rental revenues for the three months ended March 31, increased from $98,238 in
1996 to $104,167 in 1997. The increase in revenues is directly attributable to
increased sales at the restaurants.





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<PAGE>   9
The following table sets forth the percentage relationship to total general and
administrative expenses of items included in the Registrant's Statements of
Income:

<TABLE>
<CAPTION>
                                                           Percentage of Total
                                                    General & Administrative Expense
                                                    --------------------------------
                                                           Three Months Ended
                                                                March 31
                                                        1997                 1996
                                                       ------               ------
<S>                                                     <C>                  <C>   
Accounting fees                                         75.90%               76.67%
Distribution of
  information to
  Limited Partners                                      24.10                22.10
Other                                                      --                 1.23
                                                       ------               ------

                                                       100.00%              100.00%
                                                       ======               ======
</TABLE>

Operating expenses include general and administrative expenses which consist
primarily of accounting fees and costs of distribution of information to the
Limited Partners. General and administrative expenses increased for the three
months ended March 31 from $20,282 in 1996 to $21,894 in 1997. Depreciation
expense was $36,019 for the three months ended March 31, 1997 and 1996.

For the three months ended March 31, 1997 revenues increased $6,163 and expenses
increased $1,612, creating an increase in net income from $42,708 in 1996 to
$47,259 in 1997.

For the reasons stated under "Liquidity and Capital Resources" above, the
Registrant's results of operations in the future will depend primarily upon the
gross revenues of the restaurants located on the Properties leased to Del Taco
as well as upon Del Taco's financial condition and results of operations
generally.




                                      -9-
<PAGE>   10
PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

(b) No reports on Form 8-K were filed during the three months ended March 31,
    1997.







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<PAGE>   11
                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                              DEL TACO RESTAURANT PROPERTIES II
                                              (a California limited partnership)
                                              Registrant

                                              Del Taco, Inc.
                                              General Partner



Date:  April 30, 1997                         /s/ Robert J. Terrano
                                              ----------------------------------
                                              Robert J. Terrano
                                              Executive Vice President,
                                              Chief Financial Officer


Date:  April 30, 1997                         /s/ C. Douglas Mitchell
                                              ----------------------------------
                                              C. Douglas Mitchell
                                              Vice President and Corporate
                                              Controller





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