Taylor began his NHL career with the Toronto Maple Leafs in 1939–40.
While in Detroit, he set an NHL record for most assists in one game (7) against the Chicago Black Hawks.
His career was cut short when Clarence Campbell expelled him and Don Gallinger for gambling violations similar to the Black Sox scandal in baseball.
In 323 career regular season games, he scored 87 goals and 267 points.
His son, also named Billy Taylor, also played professional hockey.