Swift has taken home the big award two years in a row and she's in the running again with You Belong With Me, but the competition is tough.
In addition to Jason Aldean's The Truth, Underwood's Cowboy Casanova and Lady Antebellum's Need You Now, Swift is up against Toby Keith's American Ride, Kenny Chesney's Out Last Night, Keith Urban's 'Til Summer Comes Around, Zac Brown Band's Toes, Brad Paisley's Welcome to the Future and Miranda Lambert's White Liar.
Swift and Underwood are also set to battle it out against Reba McEntire's Consider Me Gone and Lambert's White Liar for Female Video of the Year.
Aldean's The Truth is also up for Male Video of the Year. He's nominated along with Toby Keith's American Ride, Billy Currington's People Are Crazy, Tim McGraw's Southern Voice and Urban's 'Til Summer Comes Around.
Collaborative Video of the Year nominations went to Swift and American Idol alum Kellie Pickler's Best Days of Your Life; Aldean and Bryan Adams' Heaven; Blake Shelton and Trace Adkins' Hillbilly Bone, and Chesney and Dave Matthews' I'm Alive.
Lady Antebellum also landed in the Group Video of the Year category with Need You Now. They're up against Rascal Flatts' Here Comes Goodbye, Gloriana's How Far Do You Wanna Go? and Zac Brown Band's Toes.
Underwood and Lady Antebellum are both nominated for CMT Performance of the Year, along with McEntire, Tim McGraw and Brad Paisley.
The second round of voting starts now and ends June 8, so head over to CMT.com to cast your vote!
Based on these votes, a list of finalists will be announced at the beginning of the 2010 CMT Music Awards. Then, fans can cast their votes via text message throughout the live telecast, with the winner determined by which video receives the most votes.
The main event will air live on Wednesday, June 9 at 8 pm from Nashville's Bridgestone Arena. Kid Rock is signed on to host and Keith, Lady Antebellum, Lambert, Underwood and Urban are scheduled to perform.
"All I can promise is I will be awesome," Rock previewed.
And you'll see personalized content just for you whenever you click the My Feed .
SheKnows is making some changes!