Key, who co-created the sketch series Key & Peele with Jordan Peele, will make his hosting debut on 15 May.
The Queen’s Gambit star will follow on 22 May.
Each of the upcoming hosts will be accompanied by a high-profile guest: “Drivers License” singer Olivia Rodrigo will be featured on 15 May, and Lil Nas X will appear on 22 May.
The rapper has said he will play “Montero (Call Me by Your Name)” as well as a new song during his set.
Both Key and Taylor-Joy will follow up on Elon Musk, who is set to host on 8 May with Miley Cyrus as a musical guest.
The official Twitter account for Saturday Night Live confirmed on Monday that they will be the final two hosts wrapping up the ongoing season.
Season 46 of SNL began on 3 October. The show returned to its studio and has been taping in person after a few remote episodes earlier in the coronavirus pandemic.
This year’s hosts have included Issa Rae, Adele, Dave Chappelle, Timothée Chalamet, Regé-Jean Page, Nick Jonas, Daniel Kaluuya, and Carey Mulligan.
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