"This is the last episode of 2019. Or, if you're black, this is the first episode since I left in 1984," Murphy said with a smile, before explaining how much has changed in his life since his SNL departure.
"I have 10 kids now. 11 if you count Kevin Hart," Murphy quipped. "If you told me 30 years ago that I'd be this boring stay-at-home house dad, and that Bill Cosby would be in jail, even I would have taken that bet."
Murphy -- who famously had a contentious relationship with Cosby during their careers -- jokingly added, "Who is 'America's Dad' now?"
Although, as proven by the night's star-studded Cold Open mocking the Democratic debates, there was no shortage of guest stars who were excited to join Murphy on stage, including Tracy Morgan, Chris Rock and Dave Chappelle.
"I followed your blueprint for my entire career," Chappelle gushed. "I became the biggest star in television and then I quit."
With all four stars standing side by side on stage, Chappelle quipped, "Right now you're looking at half of Netflix's budget on stage."
"Not me, I made all my millions on the road," Morgan shot back.
"You mean touring?" Murphy asked.
"No, I got hit by a truck," Morgan replied, making Chappelle laugh out loud.
Even Kenan Thompson -- SNL's longest-serving castmember and current stalwart of the series -- got to stand on stage with his fellow comedy titans for a very special monologue that served as a great opening for a truly stellar episode.
SNL airs live, coast-to-coast at 11:30 p.m. ET, 8:30 p.m. PT on NBC.