Taylor, runner-up last year, beat Rod Harrington 6-2 in the final after losing two of the first three sets, and despite missing a number of shots at doubles.
Harrington, who turned 37 three days ago, secured a 2-1 lead after hitting 10 doubles in 18 attempts, while at that point Taylor had sunk only four of 14. But Harrington then began to score poorly and Taylor, despite still continually missing doubles, was almost invariably first to the punch.
In fact, in the entire match, Taylor, 34, from Stoke, sank only 19 doubles in 58 attempts, while Harrington managed 16 out of 35.
Taylor's first two world titles came in the official Embassy championship in 1990 and 1992, while yesterday's success was in the breakaway event organised by the World Darts Council.