After interviewing Jeanine Pirro (Cecily Strong) and the Trump brothers (Alex Moffatt and Mikey Day), she introduced her big guest of the night: Elizabeth Warren.
Fans of SNL have come to love McKinnon's impression of the Democratic Senator -- who recently suspended her run for president after not winning any states on Super Tuesday. So, when McKinnon's Ingraham introduced Warren, fans had no idea what guest star would be taking on the role.
As it turns out, the part was played by the actual Warren herself!
The politician said she's been "just fine" since dropping out, and admitted that she didn't know who she'd be throwing her support behind now that she was out of the race.
"Maybe I'll just pull a New York Times and endorse them both!" Warren joked, referring to the last two serious candidates in the running, Joe Biden and Bernie Sanders.
When asked if she had any regrets, Warren joked, "None at all. We built a wide coalition of teachers, preschool teachers, middle school teachers and teachers' pets."
As for how she'll be spending her time now that she's out of the race, Warren explained it'll mostly be "prank calling big banks, drag-racing Subarus and avoiding Twitter."
As she was about to say the show's famous intro line, McKinnon came running in from off-screen, having quick changed from her Ingraham outfit and into her signature Elizabeth Warren ensemble.
"I wanted to put on my favorite outfit to thank you for all that you've done in your lifetime," McKinnon, doing her Warren impression, told Warren.
"I'm not dead, I'm just in the senate," Warren joked, before the pair delivered the famous line, "Live from New York, it's Saturday night!"
The cold open also addressed the recent departure of Chris Matthews from MSNBC. Former SNL castmember Darrell Hammond returned to reprise his Matthews impression, and was told by Ingraham that, since it's Fox News, he can say whatever crazy stuff he wants without fear of getting in trouble.
"The race is down to Hitler and an ice cream cone to see who can beat the Michelin Man," Hammond's Matthews spit out aggressively, commenting on the current presidential race. "Back to you, Girl Hitler."
SNL airs live, coast-to-coast at 11:30 p.m. ET, 8:30 p.m. PT, Saturdays on NBC.