"As you probably could've guessed by this moment, I have decided, in 2020, to run for president," West said during his acceptance speech moments after receiving a lifetime achievement award at the Los Angeles ceremony.
He had, however, announced earlier in the epic speech that he had smoked a joint before heading up on stage.
"Y'all might be thinking right now, 'I wonder did he smoke something before he came out here?' And the answer is yes, I rolled up a little something, I knocked the edge off," he said.
West has become a controversial figure among a large portion of his fans because of his praise for President Donald Trump.
During his interview on Thursday, West said that while he still supports the president, he also has positive views of Democrats, including Vermont Senator Bernie Sanders and presidential nominee Hillary Clinton.
"I like Bernie, I like Hillary, I like Obama, I love everybody," West told DJ Pharris.
"I'm actually riding with everybody.
"For someone to say, 'You can't ride with both sides' - that's like [saying] you can't go to the Nike store and go to Ralph Lauren.
"It's like a modern idea of gang banging."
West said on Thursday that he supports Trump's economic policies and that his goal as president would be to "make sure that the medical industry flourishes."
"There's one thing I learned by hanging around with Jay-Z, and being married to my wife, is you can't f*** up the paper (money).
"That's the problem with a lot of the radical leaders in the past.
"I'm not going in, when I become president, to f*** up the paper, because I tell you what?
"Trump ain't f***ing up the paper. Those jobs are up, those taxes are being saved."
West also apologised once again for his remarks earlier this year in which he said that "slavery was a choice."
It was the second time this week that West said he was sorry about his comments.
"I don't know if I properly apologised for how that slave comment made people feel," he told WGCI in Chicago earlier this week.
"I am sorry for hurrying - I am sorry for the one two effect of the MAGA hat into the slave comment," said the rapper as he looked down and talked in a very slow, deliberate manner.
