Taylor was 1/50 with bookmakers to win his second round match against Michael Smith in the 2014 World Championship but suffered a huge upset by losing 4–3 to the world number 32. Taylor lost the world number one spot to Michael van Gerwen after the event as the Dutchman won his first world title. He returned to action at the Premier League six weeks later with a new set of darts having switched manufacturers. However, Taylor suffered his first whitewash in the tournament's history as Van Gerwen thrashed him 7–0 in 13 minutes. Taylor bounced back a few days later to win the third UK Open Qualifier by defeating Adrian Lewis 6–2 and sealing the title with a nine-darter. It was his second perfect leg of the day after he had also hit one in the last 16 against Andy Hamilton. However, his poor start to the Premier League continued as he lost three of his next four games to find himself in real danger of relegation.