The pair go on a road trip with friends to the woods in the clip, which was unveiled on YouTube.
Watch the 'Good Time' music video below:
Jepsen describes the song as "pure, sweet summer", adding: "Big thanks to Adam for letting me sing on it. I hope it makes people smile. Abandon all plans and take an impromptu road trip!"
Young continued: "I love Carly's song 'Call Me Maybe'. I remember hearing it for the first time and immediately became a huge fan of hers - it is absolutely contagious.
"A bit later, I actually found out that she had known of my music for a while and even went to a couple of shows of mine in Vancouver so I definitely knew I wanted to collaborate with her."
The track, which is out now internationally and available to download in the UK on September 9, trails Owl City aka Adam Young's new album The Midsummer Station on August 20.
Carly Rae Jepsen recently denied the existence of a sex tape that supposedly featured her.