Last month, West hijacked Swift's acceptance speech after she became the first country star to win best female video at the MTV Video Music Awards. West grabbed the microphone and declared that Beyonce's nominated video for "Single Ladies" was one of the "best videos of all time."
"I've been thinking about skit ideas for a long time," the 19-year-old Swift said. "There are definitely some hilarious things that have happened to me over the past couple of months that I think will be pretty substantial skits."
Swift called the chance to host on Nov. 7 "mind-blowing" and says it's been difficult to keep it a secret since producers asked her during the summer. She said she loved her experience in January when she was a musical guest, and will again perform when she hosts.
"I love being around people who I feel have a different kind of creative genius," said Swift. "And the funny genius is definitely a fascinating one to be around."
Swift joins a group of artists who have pulled double duty on the show, including Justin Timberlake, Sting and Janet Jackson.
Like Timberlake, Swift hopes to collaborate with cast member Andy Samberg on a digital short music video.
"Of course I've been such a fan for a long time, but I've gone back and re-watched everything over the past couple of months and digital shorts would be so much fun to do, because they've been done so well. Andy Samberg is hilarious."
In addition to "SNL," Swift is keeping busy since finishing the first leg of her "Fearless" tour over the weekend. She will perform on "Dancing With the Stars" Oct. 27.
"Fearless" has sold more than 4 million copies.
Her career record sales now top 10 million albums and 20 million paid song downloads.
She has been nominated for four CMA Awards, including Entertainer of the Year, the youngest artist in history to be honored. She has had five No. 1 singles on country charts and two consecutive No. 1 songs on the pop charts.