The West Coast service will call at Watford Junction, Aston villa, Wolverhampton, Wembley Central and Lichfield Trent Valley - For St George’s Park (England’s training ground).
The train's unit number is 350377, recognising the year 1977 when Taylor first joined Watford.
The company said it was in "recognition of a man who made such a lasting mark on the sport across the country".
A ceremony took place on platform 10 at Watford Junction station on 2 June.
Scott Duxbury, the chairman of Watford Football club, where Taylor made such a huge impact, said: "London Midland's respectful suggestion about Graham was put to his family for approval and we're delighted they accepted this offer.
Taylors son in Law said "As part of Grahams family it has been a true pleasure for us to be here, and to know there will be a lasting tribute with this train named after him, making its way between watford and birminghamas Graham did on more than one occasion throughout his career".
He did a lot for Watford Football club, bringing them into the premiere league.
Taylor said "it was a great gesture to recognise and name the train after Graham Taylor, as it was not something they normally do." It was great to see Rita here as well.
I was under Grahams management for one year at Aston Villa, in which time I found out what a really nice guy he was. But before that he did try to sign me up when he was at wolves, but I kept turning him down. We always laugh and joked about that.
Graham Taylors memory will live on, and remember how great he was.
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