Taylor secured a deserved 13-9 win over Robson Conceicao to round off a good day for Team GB, after welterweight Fred Evans also won to ensure second round qualifications for all seven men’s boxers.
And the 21-year-old admitted to pre-bout nerves due to the attention that comes with competing in a home Olympics.
He said: “I was nice and relaxed before I came out and the roof just lifted off.
“This is by far the biggest (moment) and I've never had this much support before.
“Every punch you throw they (the crowd) are behind you. It's amazing”
Taylor will now face former world champion Domenico Valentino in the next round.
The Edinburgh-born boxer is familiar with Italian Valentino and hopes to carry the momentum as he looks to become the first Scot to win an Olympic medal since fellow lightweight Dick McTaggart in 1960.
"I fought him last year at the Europeans (championships). I only lost by a couple of points,” he said.
“Hopefully this time I'll beat him.”
Welterweight Evans, who was unseeded for the Games despite being world-ranked number two, defeated Algeria's Ilyas Abbadi 18-10 to book his place in the next round.
And the 21-year-old Welshman echoed teammate Taylor’s sentiments on the benefits of having a vociferous support behind him.
“This is the biggest situation and the biggest chance of my life and it is in my own country. The buzz got me going,” he said.
“Nothing has come close to this in my life. (The crowd) builds you up inside and gives you a real buzz.”
Evans faces number four seed Egidijus Kavaliauskas on Friday and is vowing to avenge his 2011 World Championships defeat to the Lithuanian.
“I have to up my game now for the next fight. You are going to see a different Fred Evans this time,” he added.
“I fought him (last time) after I had qualified for the Olympics so I had just switched off.
“This time I'll be on my game, I am stronger."