<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, 2000.

                                       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  __

================================================================================
<PAGE>   2

                                      INDEX

                        DEL TACO RESTAURANT PROPERTIES II


PART I. FINANCIAL INFORMATION                                  PAGE NUMBER


Item 1.  Financial Statements and Supplementary Data

Balance Sheets at March 31, 2000 (Unaudited) and
     December 31, 1999                                             3

Statements of Income for the three months ended
     March 31, 2000 and 1999 (Unaudited)                           4

Statements of Cash Flows for the three months ended
     March 31, 2000 and 1999 (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


                                      -2-

<PAGE>   3

                        DEL TACO RESTAURANT PROPERTIES II

                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                            MARCH 31,         December 31,
                                              2000               1999
                                           -----------        -----------
                                           (UNAUDITED)
<S>                                        <C>                <C>

                                     ASSETS

CURRENT ASSETS:
     Cash                                  $   127,324        $   139,292
     Receivable from General Partner            42,129             41,324
     Deposits                                    1,000              1,000
                                           -----------        -----------
        Total current assets                   170,453            181,616
                                           -----------        -----------

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          1,612,176          1,598,631
                                           -----------        -----------
                                             2,331,659          2,345,204
                                           -----------        -----------
                                           $ 2,502,112        $ 2,526,820
                                           ===========        ===========

                        LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
     Payable to Limited Partners           $    16,599        $    15,666
     Accounts payable                           16,618              8,666
                                           -----------        -----------
        Total current liabilities               33,217             24,332
                                           -----------        -----------
PARTNERS' EQUITY:
     Limited Partners                        2,493,256          2,526,513
     General Partner-Del Taco, Inc.            (24,361)           (24,025)
                                           -----------        -----------
                                             2,468,895          2,502,488
                                           -----------        -----------

                                           $ 2,502,112        $ 2,526,820
                                           ===========        ===========
</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,
                                      -----------------------
                                        2000           1999
                                      --------       --------
<S>                                   <C>            <C>
REVENUES:
     Rent                             $120,380       $114,200
     Interest                              538            865
     Other                                 170            525
                                      --------       --------
                                       121,088        115,590
                                      --------       --------

EXPENSES:
     General and administrative         22,510         22,303
     Depreciation                       13,545         13,545
                                      --------       --------
                                        36,055         35,848
                                      --------       --------

        Net income                    $ 85,033       $ 79,742
                                      ========       ========

     Net income per limited
        partnership unit              $   3.12       $   2.92
                                      ========       ========
</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,
                                                                  --------------------------
                                                                    2000             1999
                                                                  ---------        ---------
<S>                                                               <C>              <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                        $  85,033        $  79,742
Adjustments to reconcile net income to net
  cash provided by operating activities:
     Depreciation                                                    13,545           13,545
     (Increase) decrease in receivable from General Partner            (805)           2,066
     Decrease in deposits                                                --              104
     Increase in accounts payable and payable
        to limited partners                                           8,885            4,942
                                                                  ---------        ---------

           Net cash provided by operating activities                106,658          100,399

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash distributions to partners                                     (118,626)        (117,828)
                                                                  ---------        ---------

Net decrease in cash                                                (11,968)         (17,429)

Beginning cash balance                                              139,292          134,928
                                                                  ---------        ---------

Ending cash balance                                               $ 127,324        $ 117,499
                                                                  =========        =========
</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, 2000


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, 1999. In the opinion of
management, all adjustments (consisting of normal recurring accruals) necessary
to present fairly the partnership's financial position at March 31, 2000, the
results of operations and cash flows for the three month periods ended March 31,
2000 and 1999 have been included. Operating results for the three months ended
March 31, 2000 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2000.

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 2000 and 1999.

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, 2000


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, 2000, the five restaurants operated by Del
Taco, for which the partnership is the lessor, had combined, unaudited sales of
$1,003,171 and net income of $43,370 as compared to $951,665 and $46,195
respectively, for the corresponding period in 1999. Net income by restaurant
includes charges for general and administrative expenses incurred in connection
with supervision of restaurant operations and interest expense (1999 combined,
unaudited net income has been changed to measure net income on a consistent
basis with the year 2000 presentation).

For the three months ended March 31, 2000, the Palmdale Boulevard restaurant in
Palmdale, California reported a net loss of $1,166 as compared to net income of
$4,337 for the corresponding period in 1999.

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, 2000.

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 13, 2000, a distribution to the limited partners of $104,669 or
approximately $3.88 per limited partnership unit, was approved. Such
distribution was paid on April 19, 2000. The General Partner also received a
distribution of $1,057 with respect to its 1% partnership interest.


                                      -7-
<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,
                                                 -----------------------
                                                   2000           1999
                                                 --------       --------
<S>                                              <C>            <C>
Bear Valley Rd., Victorville, CA                 $ 22,415       $ 21,928

West Valley Blvd., Colton, CA                      28,511         24,738

Palmdale Blvd., Palmdale, CA                       18,888         19,712

DeAnza Country Shopping Center, Pedley, CA         18,032         15,747

Varner Road, Thousand Palms, CA                    32,534         32,075
                                                 --------       --------

        Total                                    $120,380       $114,200
                                                 ========       ========
</TABLE>

The partnership receives rental revenues equal to 12 percent of gross sales from
the restaurants. The partnership earned rental revenue of $120,380 during the
three month period ended March 31, 2000, which represents an increase of $6,180
from 1999. 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,
                                    --------------------
                                     2000           1999
                                    ------         ------
<S>                                 <C>            <C>
          Accounting fees            66.86%         66.36%
          Distribution of
            information to
            limited partners         33.14          33.64
                                    ------         ------
                                    100.00%        100.00%
                                    ======         ======
</TABLE>

General and administrative costs increased from 1999 to 2000 due to increased
costs for accounting and income tax return preparation.

Net income increased by $5,291 from 1999 to 2000 due to the increase in revenues
of $5,498, which was partially offset by the $207 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,
2000.


                                      -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, 2000                   /s/ Robert J. Terrano
                                     -------------------------------------------
                                     Robert J. Terrano
                                     Executive Vice President,
                                     Chief Financial Officer


Date:  May 1, 2000                   /s/ C. Douglas Mitchell
                                     -------------------------------------------
                                     C. Douglas Mitchell
                                     Vice President and Corporate
                                     Controller


                                      -11-

<PAGE>   12

                                 EXHIBIT INDEX

Exhibit
Number                              Description
------                              -----------

  27              Financial Data Schedule