On March 31, 2008, NBC announced that Gifford was to join its morning show, Today, as co-host of the fourth hour titled Today with Kathie Lee and Hoda, alongside Hoda Kotb. This marked her return to morning television; in many markets, she aired directly after her old show, currently called Live with Kelly and Ryan. Because the fourth hour of Today airs live at 10:00 am ET, and Live with Kelly and Ryan airs live at 9:00 am ET, Gifford's hour did not compete directly with her former show in most markets. Kotb and Gifford replaced Ann Curry and Natalie Morales. In the weeks prior to Gifford's arrival, ratings indicated 1.9 million viewers of the fourth hour of Today. As of 2014, the fourth hour of Today with Gifford and Kotb has averaged 2.15 million total viewers, an increase of 13 percent over the 2008 ratings. On December 11, 2018, it was announced that she would be leaving Today in April 2019. Her final Today Show appearance was on April 5, 2019 with a party, including a video by her children Cody and Cassidy Gifford. In 2019, they won the Daytime Emmy Award for Outstanding Informative Talk Show Host.
In 2008, Gifford and David Friedman wrote a junior high school musical entitled Key Pin It Real. The play depicts a coming-of-age story about a young girl named Key Pin. The first production took place in December 2008 in Kendallville, Indiana, at East Noble High School.