Taylor joins the Clarets after being released from West Ham and has signed a two-year deal with Sean Dyche’s side.
The 32-year-old midfielder made 90 appearances for the Hammers, scoring three goals, in his three seasons at Upton Park after signing from Bolton Wanderers in 2011 and Dyche says his experience will be key.
"We know we are going into what is arguably the best league in the world and we also know that it helps to have experience at that level," he told the club's official website.
“Matt has an abundance of that, as well as being a very talented player. Certainly there is a lot of football left in him.
“He wanted a fresh challenge and saw that we are trying to do something here, from good messages filtering through the game, so we are delighted to have him.
“I think he is old enough and wise enough to know he is not guaranteed a shirt. He wants to work to earn the right to play and he just really sends out all the right signals in a mature footballer who has been in and around the Premier League for a long while.”
Striker Sordell, who spent last season on loan at Charlton Athletic, has penned a three-year deal for an undisclosed fee.
The former Bolton man scored eight times for the Addicks last season and his move to Turf Moor sees him reunited with Dyche, whom he played under during his time at Watford, who says he has the talent to succeed at the top level.
“Marvin is slightly different. He has had a tough couple of years over at Bolton after going there for a big fee, but he’s a young man and when you have an awkward time that can teach you as much as anything about yourself," he added.
“He’s still young at 23 and he has still got a lot to learn in the game. We know him as a lad and we don’t feel we need to really revitalise him because it’s there - it’s just about giving him that freedom to express himself as a young footballer.
“There is talent there and that’s important and I think he knows that it is a good chance for him to re-invent or add to what he is.”
The pair become Dyche's third and fourth signings of the summer following the arrivals of Michael Kightly from Stoke City and goalkeeper Matt Gilks from Blackpool.