Taylor's 'Mine' took the biggest award for Video of the Year - ¬ the third time she has won the category in four years - while Justin and Rascal's 'That Should Be Me' was named Collaborative Video of the Year.
Taylor couldn't attend the event, as she is on tour, but received her award via live video link up, saying: "I wish I could be there, but I'm hanging out with 15,000 of my closest friends in Milwaukee," as thousands of fans cheered in the background.
Blake Shelton was the only artist to win two awards: Best Male Video for 'Who Are You When I'm Not Looking' and Best Web Video for 'Kiss My Country Ass', while his new wife, Miranda Lambert also triumphed, winning Female Video Of The Year for 'The House That Built Me'.
She later presented an award with SARA EVANS, who joked: "Well, at least you were wearing underwear!"
To which Sheryl replied: "I was wearing underwear because I'm good, clean, wholesome family fun."
CMT Music Awards 2011, full list of winners:
Video of the year: Taylor Swift, 'Mine'
Male Video of the Year: Blake Shelton, 'Who Are You When I'm Not Looking'
Female Video of the Year: Miranda Lambert, 'The House That Built Me'
Group Video of the Year: Lady Antebellum, 'Hello World'
Duo Video of the Year: Sugarland, 'Stuck Like Glue'
Breakthrough Video of the Year: The Band Perry, 'If I Die Young'
Collaborative Video of the Year: Justin Bieber and Rascal Flatts, 'That Should Be Me'
Best Web Video of the Year: Blake Shelton, 'Kiss My Country Ass'
Video Director of the Year: Trey Fanjoy, 'The House That Built Me" and "Who Are You When I'm Not Looking'