The Dark Knight actor was airlifted to the Regional Medical Center in Memphis after his car swerved off the road and flipped over.
He and his passenger, Demaris Meyer, were trapped inside and had to be cut free from the wreckage.
Morgan has a broken arm, elbow and has minor shoulder damage but was in good spirits when I spoke with him a short time ago, his rep said in a statement.
He is having some surgery this afternoon or tomorrow to help correct the damage. He says hell be okay and is looking forward to a full recovery.
It is thought Morgan, 71, careered off the road at around 11.30pm on the Mississippi Highway 32.
Onlookers say the actor was in good spirits, even joking with the crowd that had gathered, telling them not to take photos: No freebies, no freebies.
Where to next?
Post-traumatic stress disorder symptoms
Whiplash neck sprain