ET's Rachel Smith sat down with King backstage after the ceremony, and the music legend had nothing but praise for the 31-year-old megastar.
"Well, Taylor was perfect because, first of all, she's a very talented songwriter and she writes her own music and lyrics," King shared. "And she really speaks to things that are timeless."
Swift took the stage for her first public performance in quite a while and wowed the crowd at Rocket Mortgage Fieldhouse in Cleveland, Ohio, with a gorgeous, reimagined rendition of King's beloved tune "Will You Still Love Me Tomorrow?"
"I cannot remember a time when I didn’t know Carole King’s music," Swift shared. "I was raised by two of her biggest fans, who taught me the basic truths of life as they saw it: That you should treat people the way you want to be treated, that you must believe that you can achieve whatever you want to in life, and that Carole King is the greatest songwriter of all time."
King, meanwhile, shared similar sentiments and praise, telling ET, "She speaks about some of the same things that I did, you know? And they are timeless [things]. People have these feelings, you know, marriages come together, they break up."
"She wants to be real, she wants to keep it real. We've talked about that, and she hears me about that and she's real on her own, too," King continued. "It's very hard."
In her speech at the induction ceremony, King had effusive praise for Swift's performance, and for what she's doing for music.
"I want to thank Taylor -- thank you for that awesome performance. And also, thank you for carrying the torch forward," King said in her speech. "I want to thank all of tonight’s inductees for carrying the torch, from rhythm & blues to rock & roll, to the music that inspires us today."
King is only the third women to be inducted into the Rock and Roll Hall of Fame twice -- alongside Stevie Nicks and Tina Turner. King was first inducted in 1990, alongside her writing partner and former husband Gerry Goffin.