The Queen singer has short hair and his famous moustache while holding a glass of wine, dressed in a T-shirt.
Taylor sits next to him holding one too while wearing a leather jacket and tie.
Fans took to the comments with emotional responses to the touching snap.
READ MORE: Freddie Mercury: Queen drummer Roger Taylor shares a touching picture
The 71-year-old admitted: “And he wasn’t as good then as he became, he became an awful lot better.
“He had quite an extraordinary voice and he just got better and better and better.”
This year is the 50th anniversary of Queen’s final line-up, marking when John Deacon joined the band as bassist in 1971.
The 73-year-old said: “We want to celebrate being alive and being live. That would be the greatest thing to celebrate.
“I don’t really care how long it’s been, to be honest. I’m just grateful that we’re here.”
Perhaps Queen: Alive and Live would be a good 50th-anniversary logo then?