The actor discussed his role as Mr Freeze in the infamous 1997 Joel Schumacher movie.
"In most cases I don't regret the movies that failed or were not as good," the former Caliornia governor told Empire. "It's always easy to be smug in hindsight, right?
"I don't regret it at all. I felt that the character was interesting and two movies before that one Joel Schumacher was at his height. So the decision-making process was not off.
"At the same time I was doing Eraser over there and Warner Bros begged me to do the movie."
Schwarzenegger has never appeared in another comic book movie, although he was once in talks to appear as Doctor Octopus in the Spider-Man franchise before negotiations with 20th Century Fox collapsed.
His Batman & Robin co-star George Clooney has been openly derisive of the film on various occasions.
Schwarzenegger will next be seen in Kim Ji-woon's The Last Stand, which debuts in US cinemas on January 18 and in the UK on January 25.
Photo gallery - Batman at the movies: