His tweet prompted worldwide bemusement and amusement, but now the President has said he is delaying the honours citing the "interest in and importance of" the awards.
Colbert's entry, styled like a movie poster, enters all "categories" including "fakest dishonesty", "corruptest fakeness", and "smallest button", in reference to Trump's Tuesday tweet that his "nuclear button" is bigger and more powerful than North Korean leader Kim Jong Un's.
But will the stories that are recognized be "fake" or just unfavorable to the White House?
Trump says he'll give out the awards on January 17, but the White House hasn't said much about them. Including quotes from such esteemed outlets of integrity as Breitbart News, which was denied Capitol Hill press credentials, and Fox News's Fox & Friends, the President's go-to morning show, the ad humbly requests the President's consideration when honoring the top fixtures in dishonest and corrupt media. "Stay tuned!", he wrote. The book raised questions about Trump's mental fitness, and in former White House chief strategist Stephen Bannon said he thought the 2016 Trump Tower meeting between Donald Trump Jr. and a Russian lawyer was "treasonous".More news: Mariota leads Titans to 22-21 comeback win over Chiefs
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The book's publication renewed debate on Mr Trump's mental health.
The ad includes a photo of Trevor as well as some quotes calling the show "monotonous ... liberal dogma" and "a fake news show".
Mr Trump hit back on Twitter, writing: "I think [I] would qualify as not smart, but genius.and a very stable genius at that!"
It is unclear how Mr Trump's awards will be judged.