The not-yet-titled album under Warner Music Nashville will feature parodies and music that have become instant classics on NBC's "Late Night With Jimmy Fallon."
His first album, "The Bathroom Wall," was released in 2002.
Fallon has performed live on his show with his famous music guests, including Justin Timberlake, Bruce Springsteen and Blake Shelton. Even with the famous repertoire, Fallon said he still feels the pressure of getting his new album completed.
"Mostly, it means I should probably start writing some songs," he said in a statement Friday.
The Associated Press contributed to this report.