It's now obvious Taylor Swift's been sharpening her lyrical knives during her hiatus -- she whipped 'em out for Katy Perry AND Kanye West in her new track, "Look What You Made Me Do."

Tay Tay just dropped a music video for the track, and the lyrics leave no doubt who she's attacking. She sings, "I don't like your little games ... don't like your tilted stage" in the opening verse -- a clear reference to Kanye's last tour.

Taylor also clearly refers to 'Ye calling her a bitch in, "Famous" -- "The role you made me play of the fool ... no, I don't like you."

The 2nd verse seems to be targeting Katy for their feud over tour dancers -- and she plays off those snake teasers she's been posting. They're all over the animated music vid.

The track is dripping with revenge shots like ... "Maybe I got mine, but one day you'll get yours" and "I've got a list of names and yours is in red, underlined."

It's always the quiet ones.