The Skyfall actor spoofs James Bond in the sketch, when he reveals he is actually terrified of the super spy's signature guns.
Craig is only the second Bond actor to have hosted Saturday Night Live in its 37-year history.
Pierce Brosnan previously helmed a 2001 SNL instalment which saw him parody Fabio and The Weakest Link.
Craig is joined on the sketch comedy series on Saturday by musical guest Muse, who will perform tracks from their new album The 2nd Law
Saturday Night Live airs at 11.30/10.30c on NBC.
Watch a trailer for Skyfall below: