The Wolverine star gave the James Bond role a pass as he felt he would get typecast as just an action hero. He had regrets about his decision later on. By then, Daniel Craig moved into the slot and now has contracts for quite a few Bond films to come.
He would have been in the shoes of Keanu Reeves in the role of Neo in Matrix. Will had turned down the role, as he felt working on Wild Wild West would be more worthwhile. Smith later on stood by his decision and said that he had no regrets despite the roaring success of The Matrix.