Owstonia taeniosoma was first formally described in 1935 as Pseudocepola taenisoma by the Japanese ichthyologist Toshiji Kamohara with the type locality given as "off Mimase", in the vicinity of Kochi in Kochi Prefecture in Japan.

[2] The specific name is a compound of taenia meaning a "band" or "ribbon" and soma meaning "body", a reference to its “much elongated” body compared to other Owstonine bandfishes.

[4] This species attains a maximum total length of 25 cm (9.8 in).

[4] Owstonia taeniosoma has been recorded from Japan, the Andaman Sea, New Caledonia and eastern Australia.

[2] Although its congeners are associated with rocky substrates in deep waters this species is found over sand or mud bottoms on the continental shelf in comparatively shallow depths of 62 to 250 m (203 to 820 ft).