<PAGE>   1

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                                 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, 2001.

                                       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)

<TABLE>
<S>                                                      <C>
                      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)
</TABLE>

                                 (949) 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 [ ]

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<PAGE>   2


                                      INDEX

                        DEL TACO RESTAURANT PROPERTIES II

<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                              PAGE NUMBER
------------------------------                              -----------
<S>                                                         <C>

Item 1.  Financial Statements and Supplementary Data


Balance Sheets at March 31, 2001 (Unaudited) and
     December 31, 2000                                            3

Statements of Income for the three months ended
     March 31, 2001 and 2000 (Unaudited)                          4

Statements of Cash Flows for the three months ended
     March 31, 2001 and 2000 (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>


                                      -2-
<PAGE>   3

                        DEL TACO RESTAURANT PROPERTIES II

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                        March 31,       December 31,
                                          2001              2000
                                       -----------      -----------
                                       (Unaudited)
<S>                                    <C>              <C>

                                     ASSETS

CURRENT ASSETS:
   Cash                                $   144,558      $   151,501
   Receivable from General Partner          48,067           47,351
   Deposits                                  1,207            1,414
                                       -----------      -----------
       Total current assets                193,832          200,266
                                       -----------      -----------

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        1,666,356        1,652,811
                                       -----------      -----------
                                         2,277,479        2,291,024
                                       -----------      -----------

                                       $ 2,471,311      $ 2,491,290
                                       ===========      ===========

                        LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
   Payable to Limited Partners         $    20,202      $    18,104
   Accounts payable                         17,994           11,995
                                       -----------      -----------
       Total current liabilities            38,196           30,099
                                       -----------      -----------

PARTNERS' EQUITY:
   Limited Partners                      2,457,834        2,485,629
   General Partner-Del Taco, Inc.          (24,719)         (24,438)
                                       -----------      -----------
                                         2,433,115        2,461,191
                                       -----------      -----------

                                       $ 2,471,311      $ 2,491,290
                                       ===========      ===========
</TABLE>


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


                                      -3-
<PAGE>   4

                        DEL TACO RESTAURANT PROPERTIES II

                              STATEMENTS OF INCOME

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                    Three Months Ended
                                        March 31,
                                  ---------------------
                                    2001         2000
                                  --------     --------
<S>                               <C>          <C>

REVENUES:
   Rent                           $135,279     $120,380
   Interest                          1,490          538
   Other                               400          170
                                  --------     --------
                                   137,169      121,088
                                  --------     --------

EXPENSES:
   General and administrative       23,303       22,510
   Depreciation                     13,545       13,545
                                  --------     --------
                                    36,848       36,055
                                  --------     --------

       Net income                 $100,321     $ 85,033
                                  ========     ========

   Net income per limited
      partnership unit            $   3.68     $   3.12
                                  ========     ========
</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,
                                                        ------------------------
                                                          2001           2000
                                                        ---------      ---------
<S>                                                     <C>            <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                              $ 100,321      $  85,033
Adjustments to reconcile net income to net
  cash provided by operating activities:
   Depreciation                                            13,545         13,545
   Increase in receivable from General Partner               (716)          (805)
   Decrease in deposits                                       207             --
   Increase in accounts payable and payable
      to limited partners                                   8,097          8,885
                                                        ---------      ---------

          Net cash provided by operating activities       121,454        106,658

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash distributions to partners                           (128,397)      (118,626)
                                                        ---------      ---------

Net decrease in cash                                       (6,943)       (11,968)

Beginning cash balance                                    151,501        139,292
                                                        ---------      ---------

Ending cash balance                                     $ 144,558      $ 127,324
                                                        =========      =========
</TABLE>


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


                                      -5-
<PAGE>   6

                        DEL TACO RESTAURANT PROPERTIES II

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2001


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 partnership's annual
report on Form 10-K for the year ended December 31, 2000. In the opinion of
management, all adjustments (consisting of normal recurring accruals) necessary
to present fairly the partnership's financial position at March 31, 2001, the
results of operations and cash flows for the three month periods ended March 31,
2001 and 2000 have been included. Operating results for the three months ended
March 31, 2001 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2001.

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 2001 and 2000.

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.


                                      -6-

<PAGE>   7

                        DEL TACO RESTAURANT PROPERTIES II

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                 MARCH 31, 2001


NOTE 3 - LEASING ACTIVITIES

The partnership leases certain properties for operation of restaurants to Del
Taco, Inc. 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.

For the three months ended March 31, 2001, the five restaurants operated by Del
Taco, for which the partnership is the lessor, had combined, unaudited sales of
$1,127,323 and net income of $77,638 as compared to $1,003,171 and $43,370,
respectively, for the corresponding period in 2000. Net income by restaurant
includes charges for general and administrative expenses incurred in connection
with supervision of restaurant operations and interest expense.

For the three months ended March 31, 2001, the Palmdale Boulevard restaurant in
Palmdale, California reported net income of $7,435 as compared to a net loss of
$1,166 for the corresponding period in 2000.

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 10, 2001.

Del Taco, Inc. serves in the capacity of general partner in other partnerships
which are engaged in the business of operating restaurants and three other
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 16, 2001, a distribution to the limited partners of $119,513 or
approximately $4.43 per limited partnership unit, was approved. Such
distribution was paid on April 18, 2001. The General Partner also received a
distribution of $1,207 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 partnership offered limited partnership units for sale between September
1984 and December 1985. 15% of the $6.751 million raised through sale of limited
partnership units was used to pay commissions to brokers and to reimburse the
General Partner for offering costs incurred. Approximately $5.6 million of the
remaining funds were used to acquire sites and build seven restaurants. Two
restaurants were sold in 1994.

The five restaurants leased to Del Taco make up almost all of the income
producing assets of the partnership. Therefore, the business of the partnership
is almost entirely dependent on the success of the Del Taco trade name
restaurants that lease the properties. The success of the restaurants is
dependent on a large variety of factors, including, but not limited to, consumer
demand and preference for fast food, in general, and for Mexican-American food
in particular.

Results of Operations

The partnership 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.

The following table sets forth rental revenue earned by restaurant:

<TABLE>
<CAPTION>
                                                Three Months Ended
                                                     March 31,
                                               ---------------------
                                                 2001         2000
                                               --------     --------
<S>                                            <C>          <C>

Bear Valley Rd., Victorville, CA               $ 22,974     $ 22,415

West Valley Blvd., Colton, CA                    32,875       28,511

Palmdale Blvd., Palmdale, CA                     21,505       18,888

DeAnza Country Shopping Center, Pedley, CA       21,489       18,032

Varner Road, Thousand Palms, CA                  36,436       32,534
                                               --------     --------

       Total                                   $135,279     $120,380
                                               ========     ========
</TABLE>


The partnership receives rental revenues equal to 12 percent of gross sales from
the restaurants. The partnership earned rental revenue of $135,279 during the
three month period ended March 31, 2001, which represents an increase of $14,899
from 2000. The increase in rental revenue was caused by an increase in sales at
the restaurants under lease.


                                      -8-
<PAGE>   9

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS - CONTINUED

The following table breaks down general and administrative expenses by type of
expense:

<TABLE>
<CAPTION>
                        Percentage of Total
                 General & Administrative Expense
                 --------------------------------
                        Three Months Ended
                             March 31,
                       --------------------
                        2001         2000
                       -------      -------
<S>                    <C>          <C>

Accounting fees          66.73%       66.86%
Distribution of
  information to
  limited partners       33.27        33.14
                       -------      -------

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


General and administrative costs increased from 2000 to 2001 due to increased
costs for printing and distribution of information to limited partners.

Net income increased by $15,288 from 2000 to 2001 due to the increase in
revenues of $16,081, which was partially offset by the $793 increase in general
and administrative expenses.


                                      -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,
2001.


                                      -10-
<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:  May 1, 2001                      /s/ Robert J. Terrano
                                        ----------------------------------
                                            Robert J. Terrano
                                            Executive Vice President,
                                            Chief Financial Officer


Date:  May 1, 2001                      /s/ C. Douglas Mitchell
                                        ----------------------------------
                                            C. Douglas Mitchell
                                            Vice President and Corporate
                                            Controller


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