Taylor resigned for personal reasons this week, a few days after the Wallabies conceded seven tries in a record 48-17 loss to Argentina and ahead of back-to-back home tests against the world champion Springboks.
Fisher, currently in charge of the forwards at the Brumbies, is one of the most respected coaches in Australian rugby for his work at the Canberra-based team over the last two decades.
"We're grateful Laurie has been able to join us at such short notice and would also like to thank the Brumbies for their support too," said head coach Dave Rennie.
"He brings a wealth of knowledge and experience which will only benefit our playing group ahead of what are going to be extremely tough test matches in the Rugby Championship."
Unmistakable because of his long hair and trademark bucket hat, Fisher has also coached in Ireland with Munster and England with Gloucester.
"I'm excited to join the coaching group at the Wallabies and would like to thank Dave for the opportunity," said the 64-year-old.
"I'm looking forward to getting on the grass this week and contributing to the success of the group moving forward."
Australia play South Africa in Adelaide and Sydney over the next two weekends before home and away tests against the All Blacks conclude their Rugby Championship campaign.
The Wallabies suffered a record-breaking loss to Argentina in their last outing.