The two made the announcement via Facebook from the set of their new video, "Remind Me."
The CMA Awards, which annually are among the highest honors for country singers, will be handed out at Bridgestone Arena in Nashville, and will be broadcast live by ABC.
"We wanted to take a minute to share some very exciting news," Underwood said in the announcement that was available on YouTube. "The CMA has asked Brad and me back to host the CMA Awards in November."
Paisley had also tweeted earlier that he and Underwood were shooting the video, and photos from both that tweet and the CMA announcement showed them on an undisclosed beach.
"Can you believe that?" asked Paisley, who won the CMA Entertainer of the Year award last year. "I can't wait to do it again."
CMA chief executive Steve Moore said both Underwood and Paisley "have the unique qualities of humor, talent, credibility and natural rapport that makes them a hit with fans and the industry audience."
The awards show honors country music's biggest stars from the previous year, with some of the genre's best-known singers handing out 12 awards including Entertainer of the Year, Male and Female Vocalist of the Year, and Album of the Year.
Other awards are Single and Song of the Year, Group of the Year, Vocal Duo, Musical Event, Musician of the Year, Music Video and New Artist of the Year.