Edited by Ian Hislop, Private Eye's blend of humour, social and political observations and investigative journalism has earned the title a dedicated following and a number of high-profile lawsuits.
The magazine has brought in Taylor Herring following a competitive pitch to promote the brand across a series of anniversary celebrations during 2011.
The brief includes an exhibition to be held at London's Victoria and Albert Museum, which will see many legal documents and correspondence from the magazine's history go on display for the first time.
'It's going to yield some pretty fascinating material,' said Taylor Herring co-founder James Herring.
The agency will also promote Private Eye - the First 50 Years, an illustrated A-Z book of the magazine, as well as the 2011 Private Eye annual. The campaign will build towards publication of the 1,300th issue of the magazine.