The town was originally founded in 1878 as Big Wichita Valley. Henry T. Dunn built a small general store just south of the Red River and later sold the store to Charlie Taylor in the early-1880s. The town was later renamed after Taylor and a post office opened in 1882. By the mid-1920s, the town's population had surpassed 200. The town's population went down during the Great Depression and World War II, with the post office closing in the 1930s. Between the 1970s and early 2000s, the town's population was estimated to be about 65.