The holiday song pays homage to Taylor's childhood as she reminisces about growing up on a Christmas Tree farm called Pine Ridge Farm.
The song begins with Taylor escaping from the stress and the static of her life by closing her eyes and going to the Christmas Tree farm in her heart, "where the people would come and dance under sparkling lights."
Taylor paints a whimsical picture of what she would see in the weeks leading up to Christmas, as she sings, "Bundled up in their mittens and coats / And the cider would flow / And I just wanna be there tonight / Sweet dreams of holly and ribbon / Mistakes are forgiven / And everything is icy and blue / And you would be there, too."
The song is accompanied by a sentimental music video consisting of home videos shot by her mother and father of her and her brother, Austin Swift, during the holidays. The video flashes through time, even visiting the quiet tree farm just days before Taylor was born in 1989.
The video shows Swift and her brother growing up as they sit on Santa's lap, roll around in the freshly fallen snow, and excitedly open gifts on Christmas morning.
The scenes also pan to various locations around the family farm, from stockings hanging on the fire place to all the Christmas lights strung about the property.
Taylor revealed Thursday on "Good Morning America" that she wrote the song over the December 1st weekend and immediately rushed it to the recording studio in London, where it was recorded accompanied by a live orchestra and gospel choir.