The building was officially classified as the world's tallest from its opening on 31 December 2004 (in time to celebrate New Year's Eve).

The building's high-speed elevators, manufactured by Toshiba of Japan, held the record for the fastest in the world at the time of completion.

The elevators of Taipei 101 that transport passengers from the 5th to the 89th floor in 37 seconds (attaining 60.6 km/h (37.7 mph)) set speed records.

Taipei 101's postmodernist architectural style evokes traditional Asian aesthetics in a modern structure employing industrial materials.

Its design incorporates a number of features that enable the structure to withstand the Pacific Ring of Fire's earthquakes and the region's tropical storms.

The tower is adjoined by a multilevel shopping mall that has the world's largest ruyi symbol as an exterior feature.

In 1997, led by developer Harace Lin, the Taipei Financial Center Corporation, a team led by several Taiwan banks and insurance companies, won the rights to lease the site for 70 years and develop a building, placing the winning bid of NT$20,688,890,000 for the Build Operate Transfer agreement with the city government.

Talks between merchants and city government officials initially centered on a proposal for a 66-story tower to serve as an anchor for new development in Taipei's 101 business district.

Planners were considering taking the new structure to a more ambitious height only after an expat suggested it, along with many of the other features used in the design of the building.

[2][16] A major earthquake struck Taiwan on 31 March 2002, sending a construction crane falling from the 56th floor to Xinyi Road.

President Chen Shui-bian, Taipei Mayor Ma Ying-jeou and Legislative Speaker Wang Jin-pyng cut the ribbon.

Open-air concerts featured a number of popular performers, including singers A-Mei and Stefanie Sun.

The structure was already designed to be energy-efficient, with double-pane windows blocking external heat by 50% and recycled water meeting 20–30% of the building's needs.

[25] On 4 January 2020, the building had a condolence message in lights for the victims of a helicopter crash, which included a number of senior government officials.

[26] On 8 February 2020, it was reported that some passengers of the Diamond Princess cruise liner, quarantined for an outbreak of COVID-19, had visited Taipei 101 on 31 January at which point none exhibited symptoms.

[38] Another popular location for crowds to gather to see the fireworks display is the public square of Sun Yat-sen Memorial Hall.

[13] Taipei 101 is designed to withstand typhoon winds and earthquake tremors that are common in the area in the east of Taiwan.

Four versions of the Damper Baby ("Rich Gold", "Cool Black", "Smart Silver" and "Lucky Red") were designed and made into figurines and souvenirs sold in various Taipei 101 gift shops.

[50] The facade system of glass and aluminum panels installed into an inclined movement-resisting lattice contributes to overall lateral rigidity by tying back to the mega-columns with one-story high trusses at every eighth floor.

A simulation of a 100-year storm at RWDI revealed a vortex that formed during a 3-second 105-mile-per-hour (169 km/h) wind at a height of 10 meters, or equivalent to the lateral tower sway rate causing large crosswind oscillations.

[68] The height of 101 floors commemorates the renewal of time: the new century that arrived as the tower was built (100+1) and all the new years that follow (1 January = 1-01).

[70][71] The repeated segments simultaneously recall the rhythms of an Asian pagoda (a tower linking earth and sky, also evoked in the Petronas Towers), a stalk of bamboo (an icon of learning and growth), and a stack of ancient Chinese ingots or money boxes (a symbol of abundance).

The emblem placed over entrances shows three gold coins of ancient Chinese design with central holes shaped to imply the Arabic numerals 1-0-1.

[75] At night the bright yellow gleam from its pinnacle casts Taipei 101 in the role of a candle or torch upholding the ideals of liberty and welcome.

A T intersection near the entrance of a building represents a potential drain of positive energy, or ch'i, from the structure and its occupants.

[85] Din Tai Fung, several international dining establishments and retail outlets also operate in the adjoining mall.

The multistory retail mall adjoining the tower is home to hundreds of fashionable stores, restaurants, clubs and other attractions.

At 60.6 kilometers (37.7 mi) per hour, 16.83 m (55.22 ft) per second, or 1,010 m/min,[89] the speed of Taipei 101's elevators is 34.7% faster than the previous record holders of the Yokohama Landmark Tower elevator, Yokohama, Japan, which reaches speeds of 12.5 m (41 ft) per second (45 km/h, 28 mph).

The artists represented have included Wu Ching (gold sculpture), Ping-huang Chang (traditional painting) and Po-lin Chi (aerial photography).

The Indoor Observatory stands 383.4 m (1,258 ft) above ground, offering a comfortable environment, large windows with UV protection, recorded voice tours in eight languages, and informative displays and special exhibits.