This will mark Stewart's second outing as Oscar show moderator. Comedian and television personality Ellen DeGeneres was the host of the 79th telecast this past February.
"Jon was a terrific host for the 78th Awards," Cates said in a statement. "He is smart, quick, funny, loves movies and is a great guy. What else could one ask for?"
Stewart has been host and executive producer of Comedy Central’s "The Daily Show with Jon Stewart" since 1999.
The satirical news program has won four consecutive Emmy Awards for Outstanding Variety, Music or Comedy Series.
"I’m thrilled to be asked to host the Academy Awards for the second time because, as they say, the third time’s a charm," Stewart said.
The 80th Academy Awards telecast will take place at the Kodak Theatre at Hollywood and Highland Center on Feb. 24, 2008.