Taylor was the ninth man out for 110 in the penultimate over as New Zealand were bowled out for 240 in pursuit of the West Indies 264 all out at Basseterre, St Kitts.
Taylor's 115-ball knock, which included six fours and five sixes, was more than treble the next-best score from a Black Caps player, which was opener Rob Nicol's 35, but it was just not enough to take his side past the finishing line.
Tino Best was the West Indies' leading bowler, claiming figures of four for 46 off his 10 overs, including the prized scalp of Taylor, who was caught by Darren Sammy off a skied edge after making his sixth ODI ton.
New Zealand had looked all but out of the contest at 170 for six and needing 95 off the final 11 overs.
However, they battled their way back and, after Taylor had clubbed 21 off the 43rd over from Andre Russell, they required a much more manageable 50 off 42 balls with still four wickets in hand.
The West Indies kept their cool though and, with Sunil Narine (two for 20) offering good support to Best, the hosts claimed the match and the series.
Earlier, the Windies recovered well from a poor start after winning the toss and opting to bat.
The home side had slipped to 20 for three in the seventh over but their middle-order batsmen all made useful contributions to help the team reach 264 before they were dismissed off the penultimate ball of their 50 overs.
Kieron Pollard top-scored with a patient 56 but Marlon Samuels (46), Devon Thomas (37), Darren Sammy (26) and Russell (29) all helped ensure the West Indies had what would prove to be a winning total total to defend.