The comedian, who rose to fame on the late-night show, will close out its 43rd season in May, NBC announced on Wednesday.
The long-running program will air the first episode of a three-part finale on May 5, featuring actor Donald Glover, making his SNL debut as host. He will also serve as the musical guest, performing as GRAMMY-winning artist Childish Gambino.
A week later, comedian Amy Schumer will take on her second hosting gig on the show, with a performance by country singer Kacey Musgraves.
Fey will then host SNL for the sixth time during its May 19 finale, with superstar rapper Nicki Minaj stopping by for a performance.