The talented duo have risen through the academy ranks and made their first-team debuts last season as well as helping Albion's PL2 group lift the Premier League Cup.
Centre-back Taylor made his first start in the Carabao Cup tie against Arsenal back in August 2021, while left-back Ashworth came off the bench to make his bow vs Brighton in the FA Cup.
Both 19-year-old's went on the make another two further first team appearances and have now signed new three-year deals with the Baggies.
The defensive duo impressed during Albion's recent pre-season training camp in Portugal, with Ashworth scoring with a stunning strike in the friendly win over Leyton Orient.
Young forward Samuel Okoka has also signed his first pro contract after agreeing a one-year deal, with the option of a further year in Albion's favour.