"I will never forget this moment because in this moment everything that I have ever wanted has just happened to me," the tearful 19-year-old singer said as she became the youngest performer ever to win the top CMA prize.
"I would like to call up the musicians who stand on that stage every single show with me ... this is my band, y'all," Swift said to the audience as the musicians hugged her. "They stayed with me every single night this year. And the fans who come to the shows with your shirts that you made yourselves and the looks on your faces; that's why I do this. Thank you for this moment. Thank you!"
Swift was also named female vocalist of the year, while her "Fearless" CD won the album of the year prize and "Love Story" won the award for music video of the year.
The CMA show's co-host Brad Paisley grabbed the trophy for male vocalist of the year, Jamey Johnson's "In Color" earned the award for song of the year and Darius Rucker picked up the prize for new artist of the year.
Lady Antebellum was named vocal group of the year, while their song "I Run to You" won the CMA gong for single of the year.
The award for vocal duo of the year went to Sugarland.