Their announcements have come following Glenn Beck's rally, called the "Restoring Honor Rally", in August, which became the target of book the comedic satirists.
Stewart announced on Thursday night's "The Daily Show" that he will organize a "Rally to Restore Sanity". He said "Think of our event as Woodstock, but with the nudity and drugs replaced by respectful disagreement."
He said that his aim was to "take it down a notch for America." He also asked a "Million Moderate March," where Stewart hopes to gather the "70 to 80 percent of Americans who aren't extremists on the right or left."
Colbert, the host of "The Colbert Report", has said that he will out-rally Stewart by organizing the "March to Keep Fear Alive".
He said "They want to replace our Fear with reason. But never forget -- "Reason" is just one letter away from "Treason." Coincidence? Reasonable people would say it is, but America can't afford to take that chance."
His event's website says "America, the Greatest Country God ever gave Man, was built on three bedrock principles: Freedom. Liberty. And Fear -- that someone might take our Freedom and Liberty."
It is not clear yet whether or not their rallies will actually take place or it's just a gag. However Colbert did say "the forms have been filled out, the checks have been written."