"I do him at the town hall, when he's like the gentle father to the country and he looks like the alien who came off the space ship in 'Close Encounters of the Third Kind,'" Carvey explained to host Stephen Colbert.
He then broke into his Biden impersonation.
"Folks, c'mon. Folks, let's get real here. You know, we've got to do the thing," Carvey said in a lighter tone with squintier eyes. "We did with Barack, we did the deal. And, you know, my dad, you know, lost his job in Scranton. No joke! No joke, I'm not being a wise guy here. I said, 'Pops, why did you lose it?' He said, 'Joe, I did.' My mom said, 'That's the cookie that crumbles.'"
The impression brought laughter from the "Late Show" set, including Colbert himself.
Carvey continued to impersonate Biden while appearing to talk about President Trump: "He knew it floated. He told Bob Woodward -- Joanne Woodward. He told Bob Redford, excuse me. You know. But folks, I care. I care a lot. People are suffering. And I do, and my mother said, 'That's the way the cookie is.'"
"I love it," Colbert reacted. "That is so beautiful."
The "Wayne's World" star explained that doing an impression of the 78-year-old Biden getting "a little confused sometimes" "doesn't mean you're attacking him personally" before pulling out his impression midsentence.
He also noted "the list" Biden often invokes while making remarks and even threw in the president's "dog-faced pony soldier" insult from the 2020 campaign trail.
Fans on social media praised Carvey's Biden impression, with many calling on "SNL" to bring him back to play the president while he's in office.
"SNL" previously cast Jim Carrey as the then-Democratic nominee during the final weeks of the presidential campaign.
Carvey was an "SNL" cast member from 1986 to 1993 and became famous for his portrayal of President George H.W. Bush.