But four years on, Taylor will be hoping to become the country's golden boy when he steps into the squared circle at Glasgow 2014.
The 23-year-old fighter, from Prestonpans, will represent the nation in the 60kg category at the Commonwealth Games.
Taylor is confident he will leave the Games with a medal round his neck.
He said: "My main goal is to win a goal medal and really want to win it. I would be happy with any medal but I would prefer it to be a nice gold shinny one."
At the Delhi Games, Taylor narrowly missed out on the top prize losing to England Tom Stalker 11-3 in a hard fought final.
Taylor admits it took him weeks to get over the devastating defeat, but can look back his achievement with pride and will use what he learned at the Games four years ago to drive him to victory in front of his home fans.
He said: "I was going there to win the gold medal, I was determined to beat everyone who was in front of me, but I feel short at the last hurdle against Tom Stalker in the final. He was way more experienced than me at the time and used that to his advantage. I was gutted for days because I came so close.
"But after I sat down and thought about what I had achieved because at that point I had only been fighting three years and got to the final of the Commonwealth Games."
Glasgow 2014 kicks off in less in a week and the first fight will take place on July 25 at the SECC.
The atmosphere in the building will be electric with thousands of rowdy Scottish boxing fans cheering the fighters on.
Taylor says he and the other nine athletes who have been selected to represent the country cannot wait for the Games to begin.
"It's going to be massive! I think every time we throw a punch the crowd will be going mental it will be class.
"I went to Australia with the team a few weeks back at training camp and everyone is looking forward it and very excited about getting in the village."
Apart from winning the Silver medal in 2010, Taylor is a multiple time Scottish championships and represented Team GB at the Olympic Games in 2012.
With the home field advantage, Taylor will be one of the favourites to pick up a medal this summer, but will have to compete against some of the world's best fighters.
Taylor says fighters from India, Wales and England will be his toughest opponents.
"They're all going to be threats and will all be there to win. They will want to try and get me out of the tournament as soon as possible."
Taylor hopes the Commonwealth Games will leave a lasting legacy and will inspire the next generation of Scottish athletes to get involved in sport.
"I think it's going to lift everybody and going to inspire a lot of young kids to get into sport and find something they enjoy. It is going to be amazing for the country."