The 47-year-old bows out following his final appointment at the World Cup, where he officiated the round-of-16 encounter between Portugal and Spain in the United States.
"Officiating at the elite level has been an immense privilege, but the pressure is intense and the scrutiny is constant," Taylor said in a statement on the Premier League website.
"The time is now right to step aside and look forward to transitioning to the next chapter of my career."
Taylor spent 16 seasons refereeing in the Premier League, taking charge of 432 matches in England's top flight.
He also oversaw every major domestic cup final. His domestic appointments included the FA Cup finals in 2017 and 2020, the League Cup final in 2015, the Community Shield in 2015 and the Championship playoff final in 2018.
Widely regarded as one of England's leading referees, Taylor's career also included appointments at major international tournaments, spending 14 years on the FIFA International List, and officiating in two World Cups (2022 and 2026), two European Championships (2020 and 2024) and two FIFA Club World Cups (2022 and 2025).