Bell's vintage Mustang was struck head-on Thursday as he waited to turn off the Pacific Coast Highway in Los Angeles, Nickelodeon spokeswoman Marianne Romano said.
The crash fractured his jaw and left him with severe cuts, and he expects to undergo plastic surgery, Romano said. She said production of the series was put on hold while he recovers.
Bell is "resting at home. He thanks everyone for their concern and well wishes," said his publicist, Gina Hoffman.
"Drake & Josh," which spun its lead characters off Nickelodeon's "The Amanda Show" in 2004, is one of the channel's most popular series. It stars Bell and Josh Peck as mismatched stepbrothers, with Bell as a popular teenager and Peck as a bookish geek.
Bell's film credits include "The Neon Bible," "Jerry Maguire" and "High Fidelity." He's appeared on TV shows including "Seinfeld," "The Drew Carey Show" and "Home Improvement."
The Newport native also has an album, "Telegraph," and is featured on a "Drake & Josh" soundtrack album.