The 27-year-old Central Districts batsman will lead the side in all forms of the game - test, one-day internationals and Twenty20 - after being announced in Auckland this afternoon as the successor to Daniel Vettori.
Vettori stepped down from the role when the Black Caps exited the World Cup after losing by five wickets to Sri Lanka in the semifinals in March.
Taylor won the role ahead of Brendon McCullum after receiving the backing of New Zealand Cricket's board after being recommended by director of cricket John Buchanan, coach John Wright and interim national selection manager Mark Greatbatch following interviews last week.
The Lower Hutt-born Taylor, who has captained New Zealand in 11 one-dayers and three Twenty20 games, said he was humbled to be named captain.
"I've learnt a great deal about leadership having played under Dan Vettori and feel ready to take on what is one of the highest honours in New Zealand sport.
"I'm looking forward to the challenge and appreciate the level of responsibility that comes with captaining your country.
"I believe we have the quality in the dressing room to be a force in world cricket and I'm keen to play the best cricket possible to help take the team forward. I'm excited about the future."
Taylor averages 41.12 with the bat in test matches and 36.80 in one-dayers and has been a fixture in the New Zealand side since making his test debut in November 2007. His one-day international debut came against the West Indies in March 2006.
New Zealand Cricket chief executive Justin Vaughan paid tribute to outgoing captain Vettori.
"I would also like to acknowledge the wonderful contribution Daniel Vettori has made during his time as captain.
"Dan has been an astute leader and excellent role model and I would like to pass on my thanks on behalf of every cricket fan across the country."
Vaughan said Taylor had the attributes necessary to succeed in the role and said the selection process had been vigorous.
"Ross has been an impressive deputy to Dan Vettori since taking over the vice-captaincy and shown to be a very capable leader when he has had the opportunity.
"The process to select the captain has been robust. We wanted to make sure the right people were involved and that we appointed the right man for the job - I'm sure we have done that," he said.
