Kane Williamson has replaced the swashbuckling Brendon McCullum as captain but the core of the team that came so close in 2015 remains.
Since the last World Cup, New Zealand have risen as high as second in the world rankings but have also been beaten at home by South Africa, England and India.
New Zealand beat fancied India in their opening World Cup warm-up game before going down to the West Indies.
Taylor has been in breathtaking form in recent years in the one-day game, averaging over 60 in ODIs in 2017 and more than 90 last year.
Williamson and Martin Guptill are the other main dangermen in the New Zealand batting line-up Trent Boult leads an impressive bowling attack, with Colin de Grandhomme and Tim Southee for company. Spinners Ish Sodhi and Mitchell Santner offer useful variety.
The Kiwis start clear favourites in their opener against 1996 winners Sri Lanka, a side that has slumped to ninth in the ODI rankings.
Newly appointed captain Dimuth Karunaratne, who has returned to the ODI fold after four years away, has been handed the responsibility of lifting a team that have lost eight of their past nine ODIs.
But Sri Lanka have an impressive World Cup record, with one title, two runners-up finishes and one semi-final appearance.
Squads
New Zealand: Kane Williamson (c), Tom Blundell, Trent Boult, Colin de Grandhomme, Lockie Ferguson, Martin Guptill, Matt Henry, Tom Latham, Colin Munro, Jimmy Neesham, Henry Nicholls, Mitchell Santner, Ish Sodhi, Tim Southee, Ross Taylor
Sri Lanka: Dimuth Karunaratne (c), Avishka Fernando, Suranga Lakmal, Lasith Malinga, Angelo Mathews, Jeevan Mendis, Kusal Mendis (wk), Kusal Perera (wk), Thisara Perera, Nuwan Pradeep, Dhananjaya de Silva, Milinda Siriwardana, Lahiru Thirimanne, Isuru Udana, Jeffrey Vandersay.