The BBC said the Lees announced the movie plans this week at a ceremony in Beijing marking the 36th anniversary of Bruce Lee's death due to swelling of the brain.
"We've read many books and seen many movies about Bruce Lee, but there are many inaccuracies in them," Robert Lee said.
"I'm more than 70 years old. I want do something for my younger brother -- to promote Bruce Lee's life story," Phoebe Lee added.
Film producer Manfred Wong confirmed at least three pictures are in the works, the first of which is to focus on Lee's teenage years, the BBC reported.
"There will be kung fu, but more importantly, we want to portray the real Bruce Lee. What is the real Bruce Lee like? He was very humorous. He was very obedient to his parents. He was very kind to his family," the BBC quoted Wong as saying.