The 'I Knew You Were Trouble' singer received the honour from DoSomething.org after donating $4 million (£2.5 million) to the Country Music Hall of Fame and Museum.
This year, Swift also became the youngest-ever recipient of the Robert F Kennedy 'Ripple of Hope Award' and was presented with 'The Big Help Award' by Michelle Obama at the 2012 Kids' Choice Awards.
Miley Cyrus was revealed as the second most generous star of the year, having supported dog rescue non-profit Saving Spot! Rescue, TOMS's One Day Without Shoes challenge, the Save The Music Foundation, the Starkey Hearing Foundation and the Make-A-Wish Foundation.
Channing Tatum came third, while Lady GaGa came fourth, having given $1.2 million to her Born This Way Foundation and $1 million to victims of Hurricane Sandy.
Justin Bieber came fifth after his Believe Charity Drive raised over $1 million and he continued to work with Pencils of Promise to build schools in Third World countries.
The 18-year-old also visited young cancer patients and donated $100,000 for homeless children to go to school in 2012.
Watch Taylor Swift's video for 'I Knew You Were Trouble' below: