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Taylor Swift has a lot to celebrate! Billboard has named the singer their 2011 Woman of the Year. At 21, she is the youngest artist to receive this honor.

Billboard’s editorial director Bill Werde said, “Taylor has shown the power of good songwriting with music that has transcended genres and has already made a major impact. She has been an incredible role model for aspiring songwriters and young women everywhere. I look forward to watching her career continue to flourish in the years to come.”

Swift has been the best selling artist in any genre of music in the past year. Her five-time platinum album Speak Now and successful tour have been huge for her career. She is currently nominated for six 2011 CMA’s, including Entertainer of the Year.

Swift will receive the Billboard honor on Dec. 2, in New York City at their annual Women in Music Event.

Last year the award went to Fergie of the Black Eyed Peas.

Photo: WENN