Taylor was in irresistible form in March with eight goals in seven games.
His movement and ability to score all types of goals was illustrated by his perfect hat-trick in the 4-1 victory over Hartlepool United.
Bristol Rovers manager Darrell Clarke said: “I am not surprised at how well Matty has performed in his first season in League football and for him to score 25 goals with six games to go is an unbelievable achievement.
“I first saw him play when I was manager of Salisbury and made it a priority to sign him for Bristol Rovers when I became manager.
“His game isn't just about his goals; his work rate and ability to bring his team mates into play and his understanding of the game is outstanding and I am so pleased that his ability has been recognised.”
Taylor said: “I am really delighted to have won this award, but I wouldn't have won it without the help of my team mates.
“We enjoyed an amazing run in March, winning six of the seven games we played and everyone is enjoying their football and working with one another to ensure we finish the season on a high.”
Sky Sports’ Football League pundit Don Goodman said: “Matty Taylor starred for Bristol Rovers in March with eight goals. He is now the leading goalscorer in English professional football, a superb achievement.
“Taylor is admirably focusing on his future at Bristol Rovers and getting them promoted, rather than looking elsewhere.”
Sky Bet Football Trading Manager Paul Lowery said: “It’s hard to argue with Taylor as the choice in League Two this month.
“Bristol Rovers are back into contention for an automatic promotion spot and they owe a lot of it to their frontman.
“We actually stopped betting on top goalscorer in League Two in January as it looked like Jay Simpson had an unassailable lead.
“Taylor has gone past him and is now 8/11 odds on favourite to finish with the leading goal scorer prize.”
The judging panel for the Sky Bet Player of the Month comprises Sky Sports Football League expert Don Goodman; Football League Head of Communications John Nagle; League Managers Association Director Olaf Dixon and Sky Bet Football Trading Manager Paul Lowery.