"The range is from $16 up to $1500, which gives you a knock-out brand new TV, state of the art TV, and then there's everything in between: English muffins, biscuits, tennis shoes, coloring books, lipstick, something to carry your iPhone and your credit cards in," King tells ET of the highly anticipated list.
But while the list certainly has something for everyone, King insists it wasn't easy narrowing it down.
"This is one of the things that was a staple of the Oprah show that we were able to transfer to the magazine and it's still gangbusters for us," she says. "For me it's hard to pick. It would be like trying to pick your favorite child. That's why it's called Favorite Things because everything on it is a favorite, but one thing really stood out for me."
"Number one, you'll never lose your lipstick and number two, you'll never run out of red lipstick," she explains. "Oprah was on a photoshoot and Edward Bess himself showed up to give this to her as a gift and she said, 'Hey I like it so much I'm putting it on Favorite Things.' And here it is today."
As for Oprah's favorite, that would be Model Bakery's English muffins and preserves set, for $40.
"This is how you can tell if Oprah really likes you!" King admits. "If this Christmas you get these English muffins from Oprah on the list, that means she really thinks you're a really good friend. She went crazy for these in the run-through!"
"Oprah's a big believer…she has bread every single day," the CBS This Morning host says, which is why Oprah's upcoming cookbook, Food, Health and Happiness: 'On Point' Recipes for Great Meals and a Better Life, is also on the list.
"I was at her house recently in California and we were both sitting there [thinking about] what to eat and said, 'Why don't we pick something out of the book?' And we did," she recalls. "We picked the corn and tomato salad along with some great tasting fish."
And of course, Oprah's list wouldn't be complete without an endorsement from the Big O herself.
"We have a wide range of gifts for you to give to your friends, and perhaps even to yourself," Oprah said in an Instagram video on Thursday. "Every year, we celebrate giving and receiving with our favorite things, and we hope that this year, you will agree. They're some of our favorites ever."