"Hey Stephen" appears on Swift's album Fearless and the re-recorded version of the project titled Fearless (Taylor's Version).
The late night host on Tuesday presented a clip from The Colbert Report where he showed off a signed copy of Fearless that Swift had gifted him. Colbert, in the clip and on The Late Show, was convinced that the song was about him.
Swift denied the allegations during the skit but suspiciously knew a lot about the comedian including the exact location of his old office. The singer said to get back into the headspace to re-record "Hey Stephen," she created a mood board that was filled of photos of Colbert.
"'Hey Stephen' is not about you any more than my album 1989 is about that year you spent waiting tables on the lunch shift at Scoozi, an Italian restaurant in the river north area of Chicago that by the way, serves an incredible slice of pizza," Swift said, dropping further knowledge about Colbert's personal life.
Swift later claimed "Hey Stephen" was about Stephen King and was stopped by Colbert before she uttered his social security number.
The pop star said he needs to shake off these feelings and that her track "Shake It Off" is about him before she took a phone call from King.
Fearless (Taylor's Version) was released on Friday and contained 26 tracks in total including 2010's "Today Was a Fairytale" that appeared on the soundtrack for Valentine's Day and six songs that were never previously released.
The re-recordings will allow Swift to own a version of her old music. She signed a new deal with Universal Music Group in November 2018. The deal allows Swift to own her master recordings starting with the release of 2019's Lover.