The 165 photos on display -- including 120 from AFP's vast archive -- stretch from the first modern Games in Athens in 1896 to the Beijing event in 2008.
"They tell the story not only of the thrills and spills of the Games, but also the politics that sometimes intrude into sports," said Mervin Nambiar, AFP's regional sales and marketing director, at the opening of the exhibition.
The photos are on display until July 20 on the 89th-floor observatory of the Taipei 101, a viewing spot that thousands of people visit every day.
A separate AFP photo exhibition focusing on the upcoming London Games will open in Hong Kong at the end of this month.
AFP will send a team of about 200 sports writers, photographers and video journalists to the London Olympics, delivering up to 4,000 still photos to its clients every day.