Swift, 20, and Underwood, 27, will square off for video of the year and female video of the year with "You Belong with Me" and" Cowboy Casanova," respectively. Swift shares her third nomination with Kellie Pickler for collaborative video of the year for "Best Days of Your Life." Underwood is nominated for CMT performance of the year for "Temporary Home" on the TV show Invitation Only.
Last year, Swift took home two awards.
Lady Antebellum grabbed nods for video of the year, group video of the year (both for "Need You Now") and CMT performance of the year for last year's ceremony.
For video of the year, Swift, Underwood and Lady Antebellum will face off against Toby Keith, Kenny Chesney, Keith Urban, Zac Brown Band, Jason Aldean, Brad Paisley and the newly engaged Miranda Lambert.
For a full list of nominees, click here.
The 2010 CMT Music Awards will air Wednesday, June 9 at 8/7c on CMT.