The track is the third single to be taken from B.o.B's Strange Clouds, the follow-up to his 2010 debut record B.o.B Presents: The Adventures of Bobby Ray.
"The video for 'Both of Us' is out! A lot of heart went into this one. Great work, @bobatl," Swift wrote on Twitter.
The clip sees the pair in Nashville, highlighting the everyday lives of local people.
They filmed the video earlier this month, posting a photograph of the shoot on Twitter.
B.o.B has also collaborated with the likes of Lil Wayne, Chris Brown, T.I. and Nicki Minaj on his latest album.
Swift was recently given Tennessee's Star of Compassion Award for helping people recover from natural disasters.