The 20-year-old starlet is turning her hand to the perfume business, teaming up with Elizabeth Arden, which has previously bottled scents for Britney Spears, Hilary Duff and Mariah Carey.
'I have always loved how fragrance can shape a memory,' Swift said in a statement.
'The way certain scents remind you of events and people that are imprinted in your thoughts.
'Lately I've been having fun experimenting with combining some of my favourite scents, so I'm really excited about working with Elizabeth Arden to develop my own unique fragrance.'
The country music singer, who is rumoured to be dating movie hunk Jake Gyllenhaal, will be involved in every stage of the perfume's development including packaging and advertising, People reports.
It's not yet known what the fragrance will be called, or how it will smell, but it is expected to hit shelves next year.