The visual effects supervisor and director of photography will receive the John A Bonner Medal Of Commendation from the board of governors.
Taylor will collect the honour at the Scientific and Technical Awards presentation on Feb 9 in Beverly Hills.
Taylor is the co-founder of Illusion Arts, where he worked on the visual effects of more than 200 films. His visual effects supervisor credits include Lawless, Public Enemies Milk and Bruce Almighty.
In 1981 he earned a Technical Achievement Award for the concept and specifications for a two-format, rotating head, aerial image optical printer.
He joined the Academy in 1972 and served on the board of governors where he represented the visual effects branch for five terms and was a founding co-chair with Ray Feeney of the Science and Technology Council.
The award is named in honour of the late director of special projects at Warner Hollywood Studios.