The 22-year-old singer also bagged awards for top country artist, top digital songs artist. Her hit song 'We Are Never Ever Getting Back Together' was named the top country song, reported Billboard.
Swift gave a colourful performance of her hit 22, starting backstage and working her way to the main stage on the back of a bike with help from a dozen background dancers and a flurry of red balloons.
Teen pop sensation Justin Bieber, who performed twice, won three awards, including top male artist, social artist and the fan-voted milestone award, beating Swift and Bruno Mars.
"I'm 19 years old; I think I'm doing a pretty good job. And basically from my heart I really just want to say it should really be about the music, it should be about the craft that I'm making. This is not a gimmick," Bieber said.
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Bieber performed with will.I.Am and solo when he sang 'Take You' in leather trousers, a leather vest and a black shirt that had one sleeve, as blue laser lights beamed.
Gotye and Rihanna had the second-most wins with four awards each.
Rapper Nicki Minaj won the first award in the live telecast for top rap artist, beating out Drake, Flo Rida, Pitbull and Psy.
Minaj performed High School with Lil Wayne. Prince, who received the icon award, closed the show with a medley of his hits.
Queen of Pop Madonna won top touring artist, dance artist and dance album for MDNA.