Taylor attended the University of Nebraska, and played for the Nebraska Cornhuskers football team from 1994 to 1997. As senior in 1997, he won the Outland Trophy as the top college interior lineman in the country. He is one of seven Nebraska players to have won the Outland Trophy and is the only Husker to be awarded All-American honors at two different positions, offensive center and guard. He was also the winner of the Jim Parker Award. During his career, he helped the Huskers to a 49-2 record (.961 winning percentage) and four straight bowl game wins, including undefeated seasons and national titles in 1994, 1995 and 1997. Two of the teams that Nebraska defeated in bowl games in those years, Florida in 1996 and Tennessee in 1998, would go on to win the national title the following year. Taylor participated in games featuring such memorable plays as Tommie Frazier's 75-yard touchdown run against the Florida Gators in the 1996 Fiesta Bowl and the Flea Kicker against Missouri in 1997. His jersey number 67 was retired by Nebraska in 1998, becoming one of just 16 Husker players so honored. In 1999 he was selected to the Nebraska All-Century Football Team via fan poll and in 2002 was named to the Athlon Sports Nebraska All-Time Team.
In 2010 Taylor was selected as a third team offensive guard by Sports Illustrated in their "NCAA Football All-Century Team". The starters were Jim Parker of Ohio State and John Hannah of Alabama, the second team consisted of Bob Suffridge of Tennessee and Bill Fischer of Notre Dame and the other third team player was Dean Steinkuhler of Nebraska. He was one of six Nebraska Cornhuskers selected to this 85 man roster; the others being Rich Glover, Johnny Rodgers, Dave Rimington, Dean Steinkuhler and Tommie Frazier.
In 1999 Taylor was selected as a starting offensive guard to the Walter Camp Football Foundation College Football All Century Team. The other offensive guards selected were John Hannah of Alabama, Dean Steinkuhler of Nebraska, Brad Budde of USC, Will Shields of Nebraska and Jim Parker of Ohio State. Taylor was one of six Nebraska Cornhuskers selected to this 83 man team; the others being Rodgers, Rimington, Steinkuhler, Shields and Frazier.
After the 1998 season, Taylor retired from professional football to start a career in business and to help coach high school football.
A failed business venture with a few other former Husker players led to Aaron Taylor's bankruptcy and subsequent auctioning off of his 7 prized championship rings, as well as his Outland Trophy. The former Huskers tried starting a Scarlet and Cream Huskers Themed Restaurant in Omaha, Nebraska, but due to poor management it failed and resulted in nearly $70,000 in back taxes and other miscellaneous expenses. Due to being an Officer in the Restaurant, he was legally liable for taxes. The liquidation of his memorabilia was required under Chapter 7 rules, and despite his best efforts he was not able to purchase them back.