Blunt and Miranda were joined Corden for the bit, which began with the trio in mostly black with sparkly red vests performing "Willkommen" from Cabaret. From there, Blunt donned a boa and Corden jumped on the piano for a sultry rendition of Chicago's "All That Jazz."
The same duo remained at the piano for the next song, where Corden pulled out a hair piece and Blunt showed off a yellow dress to sing "City of Stars" from La La Land. Miranda got back in on the fun for Beauty and the Beast's "Be Our Guest," where he played Lumiere to Corden's Cogsworth.
Impressive numbers from Guys and Dolls, Evita, Singin' in the Rain and even Mary Poppins Returns followed, but Corden stole the show when he opted for a frog costume to sing "Rainbow Connection" as Kermit the Frog, before being joined for a duet by the actual Kermit himself.
The hits just kept coming with Blunt channeling Dorothy in "Somewhere Over the Rainbow" from Wizard of Oz, while Miranda played Toto, her trusty dog sidekick.
Hairspray, Dreamgirls, Annie, and Fiddler on the Roof songs were also featured, and Corden and Blunt even reprised their Into the Woods characters -- The Baker and The Baker's Wife, respectively -- to sing "It Takes Two." Miranda was understandably disappointed that he didn't get to be part of that song, telling the singing pair, "I am not throwing away my shot," referencing his song, "My Shot" from his musical, Hamilton. Blunt and Corden eventually acquiesced and let Miranda play a tree.
The trio kept the energy high to perform songs from Little Shop of Horrors, Les Miserables -- where both Blunt and Miranda broke character and began laughing -- Moulin Rogue, Once, Fame and Gentlemen Prefer Blondes.
The impressive performance came to an end in a spectacular fashion, with Blunt, Corden and Miranda belting out "Dancing Queen" from Mamma Mia while wearing colorful boas and doing a hilarious choreographed dance.
On Twitter Wednesday morning, Miranda expressed his joy at how the whole thing turned out. "This. Was. Fun." he wrote alongside a clip of the show.
When ET visited the set of Mary Poppins Returns last April, Miranda described the awe he felt after being cast in the project.
"There are 'dream come true' moments -- getting your show on Broadway, getting to be in a movie -- and then there are dreams that you didn’t even have the audacity to have," he mused. "Like, that there would be a sequel to Mary Poppins and you could be dancing with Mary Poppins someday. Who would have the audacity to have that dream?"
Blunt also felt the importance of taking on such an iconic role, something she remedied by not re-watching the original Julie Andrews film.
"I just try to approach her as I would any other character and not be caught up in the white noise of, 'Oh my god, you are Mary Poppins,'" she told ET. "That has been my main focus, is just to approach her calmly, as I would any other character. I have not watched the original since I saw it as a child, because no one is going to outdo Julie Andrews. This is just going to be my version of her."