'I am so excited,' said Taylor, who earned $540,000 for the win. 'I can't belive it.'
Taylor finished regulation at 10-under-par 278 along with Scott McCarron (71), Hunter Mahan (74) and Steve Allan (74). The group returned to the 18th tee to begin the extra session and Taylor split the fairway with his drive.
Allan's approach missed the green while Taylor, McCarron and Mahan each found the putting surface with their second shots. After McCarron and Mahan missed their birdie attempts, Taylor sent his try to the bottom of the cup for his maiden title.
'I want to help my parents out,' said the 28-year-old Taylor. 'Mom got laid off last year. She does everything for me. I want to do everything for them.'
Taylor had a rough time before the playoff at Montreux Golf and Country Club. He opened the day one shot behind Roland Thatcher and looked to be in good shape early with a birdie at the second, but the trouble began at the very next hole.
'I did not play my best,' he said.
Taylor double-bogeyed the third and dropped another shot with a bogey at the fifth to fall back to minus-11.
While Taylor was struggling down the leaderboard, Thatcher was battling to maintain the top spot. Thatcher held a two-shot lead after a birdie at the fourth, but faltered with five bogeys the rest of the way for a round of 77.
Mahan, who was also seeking his first career victory on the PGA Tour, grabbed a share of the lead with a birdie at the sixth, his third birdie of the day. He stumbled with back-to-back bogeys from the eighth, but joined Allan in a tie for the lead thanks to a birdie at the 12th.
Allan and Mahan matched themselves with bogeys at the 14th to remain knotted in the lead. Taylor joined them briefly with a birdie at the 13th, but double bogeyed the 14th and bogeyed the 15th to fall off the pace.
Mahan soon found trouble with a double bogey at the 16th to fall two behind Allan. Allan, an Australian was seeking his first PGA Tour title, enjoyed that lead until the 18th when he double bogeyed the closing hole to fall back into a tie for first.
Taylor then snuck into the playoff with a birdie at the last. Even though a round of 75 might not look good on the scorecard, it was enough to give Taylor another chance at win No. 1 and he came through.
Thatcher finished one shot out of the playoff at 9-under-par 279 along with Carl Pettersson and Mark Wilson. Woody Austin followed at 8-under-par 280.
Joe Ogilvie, Ken Duke, Daniel Chopra, Michael Allen and Dennis Paulson tied for ninth place at 5-under-par 283.