Country sweetheart Taylor Swift will receive the 2011 Billboard Woman of the Year award, the magazine announced on Tuesday.

Swift, 21, will be officially honored at a Billboard Women in Music event on Dec. 2 in New York City.

Joining past winners like Fergie, Beyoncé and Ciara, Swift will become the youngest artist to ever receive the annual award, according to Billboard.

The honor is mainly due to the success of Swift's third studio album, Speak Now, which has sold more than 5 million copies since its October 2010 release.

Speak Now, which debuted on the Billboard 200 chart at no. 1, is responsible for hits including Mine, Back to December, Mean, The Story of Us and the latest, Sparks Fly.

Swift has made record progress since exploding onto the music scene in 2006, when she released her debut single Tim McGraw. The young songstress quickly followed up with a self-titled debut album, which went on to sell more than 5 million copies worldwide.

Her trophy case has also been filling up.

The Pennsylvania native has four Grammys, six Country Music Association awards, 11 Billboard music awards and seven American Music Awards. This year, Swift is also up for six CMAs, including Entertainer of the Year.

At the young age of 21, Taylor has already made a major impact on music and has been an incredible role model for aspiring singers/songwriters and young women everywhere, Billboard editorial director Bill Werde said on Tuesday.

Swift is currently in the middle of a world tour in support of the album. The tour, which began in February in Singapore, is now on its U.S. leg, with upcoming stops in Oklahoma City, Austin, Memphis and Tampa.

The singer-songwriter is also due in Australia in New Zealand in 2012.

Scroll down for music videos from Taylor Swift, Billboard's Woman of the Year.