The funnyman will air a Christmas Special this Sunday on Comedy Central filled with songs and several musical guests.
Forget the red and blue states, Colbert talked red and green and shared some laughs with Early Show co-anchor Harry Smith.
"I'm a Christmas originalist, okay? I'm a Christmas originalist. I believe it's not Santa Claus, it's Cinder Claus. You don't get toys, okay? You put out your wooden shoes and if you're good, you get nuts and dried fruits. Okay? And if you're bad, Santa has his henchman Black Peter steal you and take you back to Spain. That's how the Dutch did it," he said.
Colbert referred to Santa's "Black Peter" as "a little elf who steals you and takes you back to Spain," he joked.
Colbert had a unique inspiration for making the Christmas Special.
"Inspiration for me is that, you know, Christmas is under attack, as I think you know. There is a war on Christmas. Tobey Keith sings a beautiful song called 'War On Christmas.' He's in camo, but with candycanes," he said.
Keith will make an appearance as well.
"It's under attack, but this year, America is taking it back. Separate church and state. That's what some lawyer said. I say it's time we separated him from his head," he joked.
Colbert will don a red turtleneck shirt, a cardigan, jeans and furry boots.
"I always wanted to do something with Elvis Costello and I can't believe he said yes. Jon Stewart begged me to be in it," he said. "What happened is I'm trapped in my cabin and I can't get down to New York City to do my big Christmas special so instead my musical guests stop by to do songs with me."
Stewart stopped by to suggest that instead of a Christmas special, he could have a Hanukkah special that would last eight days.
"I said, I'll keep Jesus, you keep your potato pancakes! It was a close thing for a while there," Colbert said.
Christmas aside, Colbert says he doesn't miss the political season.
"No, no. That's like saying to like a doctor in a 'M.A.S.H.' 'Are you sad the war is over?' Like business was great but at a certain point, you have to stop. I felt like I was strapped to a galloping horse. Now I can name what I think the real stories are," he said.
Smith also showed Colbert The Early Show map of America, which he did a handstand on, rolled around and twirled on.
"Wow! Look at this technology," he joked.