Within the lyrics Taylor refers to to characters James and Inez, which many fans speculated was after the children of Blake Lively and Ryan Reynolds two daughters. "So that's what I did on this one".
"Everybody makes mistakes, everybody really messes up sometimes and this is a song that I wrote from the perspective of a 17-year-old boy. So that's what I did on this one", she continued.
In a clip shared by a fan, Taylor is heard saying that the characters in the song, betty, have been named after her friends' kids.
The 30-year-old star, who has been close pals with the superstar couple for years now, even had fans speculating that the name "Betty" could be the moniker of Lively and Reynolds' third child.
"Betty, I know where it all went wrong", Swift sings.
It's not the first time James Reynolds has been involved in a Taylor Swift song.
Taylor has also previously used the voice of Blake's daughter, James, on her track, Gorgeous.
Folklore has become Swift's longest-reigning number one United Kingdom album after her previous releases Red, 1989, Reputation and Lover all held the Official Charts Company top spot for one week only.
In a new chat with Country Radio, Taylor Swift confirmed that her song Betty is in fact named after Blake Lively and Ryan Reynolds' third kid.
Shoot For The Stars, Aim For The Moon, the posthumous debut album by the late USA rapper Pop Smoke, is at number three in the chart, while Juice Wrld's Legends Never Die came fourth.
The American smashed into No. 1 with her album "Folklore", which garnered a 9/10 on Clash. "Like you, Folklore is full of heart, soul, humor, passion, intelligence, wit, whimsy, reality, imagination, strength, vulnerability, and above all things: Love", the mother of three said.
The return to the country genre comes six years since Swift shifted gears to pop with her 1989 album in 2014.