Swift, 22, is the youngest performer to win the award in the 40-year history of this category.
Miranda Lambert won the ACM Awards for Female Vocalist of the Year and Album of the Year for "Four The Record" at the MGM Grand Garden Arena show Sunday night. Her husband, Blake Shelton, won Male Vocalist of the Year.
"Crazy Girl" by the Eli Young Band was declared Song of the Year, and Jason Aldean and Kelly Clarkson picked up the prizes for Single Record of the Year and Vocal Event of the Year for their song "Don't You Wanna Stay."
Lady Antebellum won the award for Vocal Group of the Year, Thompson Square won Vocal Duo of the Year and Scotty McCreery was honored as New Artist of the Year.
Reba McEntire and Blake Shelton served as hosts of the ceremony, which aired on CBS.