The New York Times had reported in July that Craig was attached to the upcoming Bond film, but he'd been dodging questions about the role until Tuesday night.
"I always wanted to, I wanted a break," said Craig, leading Colbert to call him out on a comment he made to Time Out London in 2015, where he insisted, "I'd rather break this glass and slash my wrists" than return to the role.
"It was two days after I finished shooting the last movie. I went straight into an interview and someone said, 'Would you do another one?' And I went, 'No!'" he explained. "And instead of saying something you know, with style and grace, I gave a really stupid answer."
Craig first played Agent 007 in 2006's "Casino Royale," and has since starred in three more Bond films: 2008's "Quantum of Solace," 2012's "Skyfall" and 2015's "Spectre."
The next Bond movie is slated for a 2019 release.