He will take over from Mgr Mark O'Toole, who is due to be ordained as the new Bishop of Plymouth in January.
Fr Taylor, who had been the vice-rector, was received into the Church in the 1980s and had previous careers as a barrister and running opera companies.
The archbishop also named Fr Michael O'Boy the new vice-rector of the seminary and he will combine this role with his title as Dean of Studies.
A statement from the Archdiocese of Westminster said that Mgr Mark has ensured that Allen Hall is forming priests "who will be the missionary disciples Pope Francis desires them to be."