The 24-year-old star is a seven-time Grammy winner and and also the best-selling digital music artist of all time, reported Billboard.
"As one of the most influential artists of her generation, Taylor Swift has seen incredible success on the Billboard charts.
"Over the course of her career, she's charted 60 entries on the Billboard Hot 100, the most of any female artist since her debut in 2006. We are tremendously excited to be honouring her as the 2014 Billboard Woman of the Year for the second time," said Janice Min, co-president and chief creative officer of Guggenheim Media's Entertainment Group.
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