Taranchiev graduated from eighth grade. In 1943, he graduated from the 3rd Chkalovsky Pilots Military Aviation School.
He is one of the Soviet war heroes to conduct a "fire taran" – a suicide attack by an aircraft on a ground target. After his Ilyushin Il-2 was hit by antiaircraft fire, Taranchiev crashed his plane into a concentartion of German tanks in Estonia in March 1944. In June 1941, he was in the Red Army.
He joined the Communist Party of the Soviet Union in 1944 and fought in combat from the same year.
He became a pilot in the 566th Attack Aviation Regiment of the 277th Assault Aviation Division. On 26 February, along with other aircraft, he conducted a raid on the airfield at Tartu.
Taranchiev reportedly personally destroyed three German aircraft at the airifeld. By 18 March, Taranchiev had made 35 successful sorties attacking defense structures, railways, airfields and other targets in an Il-2.
On 18 March, Taranchiev flew a sortie with four other Il-2s, attacking enemy troops and equipment in the area of Jaama-kyule, Kyarikuyula and Lastikolony in Estonia.
Taranchiev"s plane was hit by antiaircraft fire and he crashed his plane into a concentration of enemy tanks. Taranchiev"s gunner, Alexey Tkachev, also died in the crash. A street in Besh-Kungey is named for Taranchiev.
In 2015, Kyrgyz Pochtasy issued a stamp depicting Taranchiev and his Il-2 for the 70th anniversary of the end of.