The Tesla and SpaceX entrepreneur will join the Wrecking Ball singer on the famed comedy show on 8 May, NBC and Cyrus confirmed on Twitter.
Mr Musk is know for displaying his sense of humour on Twitter, but will now step into the hosting role for the the 90-minute live show.
The South African born billionaire already has a string of high-profile TV and media appearances under his belt.
In September 2018 he appeared on Joe Rogan’s podcast for a two-hour interview where he smoked cannabis and drank whiskey, which was followed by a drop in Tesla’s share price.
Mr Musk has also made a cameo appearance in Iron Man 2, played himself in The Simpsons, The Big Bang Theory andYoung Sheldon.
The business mogul moved from California to Texas in December, where he lives with girlfriend, musician Grimes, and their son, X Æ A-Xii.
Hosts during the current 46th season of SNL have included Chris Rock, Dave Chapelle, Adele, Jason Bateman and Nick Jonas.
Mr Musk was trolled on last week’s Earth Day with a giant billboard that read “Mars Sucks” outside of SpaceX headquarters.
The advert was placed on a billboard outside the SpaceX campus in Hawthorne, California, by Los Angeles creative agency Activista.
“What doesn’t suck? Earth. But the way we treat it frankly, sucks,” the company explained on Twitter.
“And then, you dream of Mars. A hellhole. A barren, desolate, wasteland you can’t set foot on fast enough. Great, we got to Mars. Now let’s prioritize earth.”
Mr Musk has said he hopes to land on the Red Planet by the end of the decade and to have established a self-sustaining colony on Mars by 2050.