Mohanlal married Suchitra, daughter of the Tamil film producer K. Balaji, on 28 April 1988.[172] The couple has two children – Pranav Mohanlal and Vismaya Mohanlal. Pranav has acted in a few films, debuting in Mohanlal's Onnaman (2001).[173]

 Mohanlal did not object when his son expressed a desire to act, as "kids may have many such ambitions. If we can help them realise something, what is the problem?."[173] He resides in Kochi, where he owns houses at Thevara[174] as well as Elamakkara.[175] He also owns houses in Chennai, his hometown Thiruvananthapuram, Ooty,[176] Mahabalipuram, a villa in Arabian Ranches and a flat in the Burj Khalifa at Dubai.[177] Mohanlal is a self-described foodie.[178] He also enjoys melodious music. Mohanlal is a strong believer in destiny and spirituality. He describes himself as a religious and spiritual person,[179] and likes to read Osho, J. Krishnamurti, Aurobindo and Ramana Maharshi. He has often stated that the turn of events in his life, including his film career, was accidental.