Taracena started his political career in 1984 and since then has served multiple times in the Congress, as well as a term in the Central American Parliament.

His father was a founding member of the National Liberation Movement, as an opponent of Miguel Ydígoras Fuentes, he was exiled twice.

[3] Mario Taracena followed a part of his education at the Liceo Guatemala [es] and later obtained a degree at the Faculty of Economics of the Rafael Landívar University.

[3] In 2004 Taracena once again obtained a domestic political office when he became member of the Congress for the National Unity of Hope (UNE).

[5] Shortly after taking office Taracena stated that his main goal was to obtain reforms to the Ley Orgánica del Organismo Legislativo, so that public confidence in the Congress would be raised after having been lowered due to power abuse and corruption.