Corporal Taylor made the dash across 25 metres of open ground under enemy fire four times to rescue the three children, aged between three and seven.
His actions have been described by military commanders as astonishing and will be recognised with the Military Cross – one of the highest honours for gallantry.
“Their mothers were so distressed and they were in such danger that I took the decision that I had to rescue them.
“I briefed my men about what I was going to do and they put down accurate fire.
"All I could think to myself as I ran was ‘Be fast!’.”