Wane initially wanted to be a Teacher. However, at age 18, her mother entered her into a calendar girl competition, which she won. This led her to an interest in becoming a model and she was soon signed by an agency. After moving to London, she began working as a topless model. Next, she moved to Los Angeles, where she spent more than a year working as model for men's magazines. Wane began performing in the adult video industry in 1989.

Wane has her own production company called Taylor Wane Entertainment started in the mid 1990s. She has also been the host of radio shows on Spice Radio, which is on Sirius XM channel 103, and on KSEX Radio with a weekly night time talk radio show called The British Are Cumming.

Wane was the Penthouse Pet of the Month in June 1994 and appeared several more times in Penthouse after that. In addition to Penthouse, she has been featured in several other publications, including Celebrity Skin, Bizarre Magazine, Gent, and Busty Beauties. In the latter, she had a monthly column as a Celebrity Editor, and she was the November 2005 cover girl and centerfold, in addition to her regular features that included columns such as My Personal Diary, Tits and Bits and sex toy reviews. In 2005 alone, Wane made sixteen appearances in photo spreads in men's magazines, including Genesis, Swank, and Oui. She also became a columnist for Adult Video News magazine that same year with a monthly column entitled Wane's World.

Wane has appeared in minor roles in a variety of mainstream television and feature film productions. These appearances include roles in the 2000 Adam Sandler comedy Little Nicky and episodes in the comedy television series The Mind of the Married Man (HBO, 2002) and Burning Hollywood (2009). Wane has also been seen in episodes of TV shows such as Gene Simmons' Family Jewels, the Fox Reality Channel series My Bare Lady, and the FX channel's original series Nip/Tuck.

In 2003, Wane launched her own limited edition, X-rated quarterly comic book series in association with H Bomb Comics called Vamptrix. The design of the main character is based on Wane.

In 2005, Wane launched her own line of sex toys called the "Taylor Wane Collection".

In 2007, after being honored by U.S. Navy SEALs, Wane and her husband created a poster that featured her wearing authentic Navy Seal combat gear. Autographed copies of the poster were sold with the proceeds going to the Disabled American Veterans foundation (DAV). The combat gear was auctioned off as well for an additional donation. Wane stated in 2008, "I support a lot of charities, and DAV is very close to my heart." "I could never be grateful enough or thankful enough for what the servicemen sacrifice for our freedom. They have courage like most of us will never know."

Also in 2008, Wane recorded and contributed a cover version of the holiday favorite "I Saw Mommy Kissing Santa Claus" to the Rock 4 X-Mas charity fundraising album. The album also featured works by Rick Derringer, Spencer Davis, Gary Hoey & Joe Lynn Turner, John Ford, JK Northrup & Michael Vescera, and others.

In 2009, Wane was cast in several feature films. In the Ben Affleck, Russell Crowe, and Rachel McAdams political thriller State of Play, Wane was cast as the head mistress of a sex club that was part of a murder investigation. The movie is based on a BBC mini-series. In the Ron Howard directed political drama Frost/Nixon, she was cast as a Playboy Playmate in a scene with a Hugh Hefner look-alike. Wane was cast as a Dancer in both A Beautiful Life starring Dana Delaney, Bai Ling, and Debi Mazar, and in The Girl From The Naked Eye starring Jason Yee. In the latter, she was cast along with fellow adult film Actress Sasha Grey.