In the vintage shot, the pair poses next to a microphone, appearing to be in a recording studio of some kind.
"Keepin it in the family," Miley captioned the moment, tagging Parton and her dad and adding the hashtags, "Dad" and "Fairy Godmother."
As fans may know, Parton is Miley's godmother, and the two have long shared their love for each other on social media, as well as on various projects — Parton even appeared on Miley's hit Disney Channel show Hannah Montana.
The Cyrus family is clearly a close one, and the clan even teamed up for a recent episode of Apple Music's Carpool Karaoke series, with Miley, her mom Tish, siblings Brandi, Trace, Braison and Noah, and Billy Ray take a ride in a van to belt out some hits, including Billy Ray's own "Achy Breaky Heart."
Miley will also keep things in the family during the upcoming season of The Voice, as she's recruited Billy Ray to help coach her team of aspiring singers.
Photo Credit: Instagram / @mileycyrus