The 46-year-old drummer was in a coma for two weeks following the incident 17 years ago, and afterwards he felt the band were going to go their separate ways when the group's frontman Dave Grohl went to play with Queens of the Stone Age.
He said: ''There was a year where the partying just got a little too heavy. Thank God on some level this guy gave me the wrong line with the wrong thing one night and I woke up going, 'What the f**k happened?' That was a real changing point for me.
''And then Dave went and played with the Queens of the Stone Age and it really looked like the end.''
Taylor admits he was just a ''dumb kid'' at the time of his overdose, but he has since changed his ways and now believes there is ''no happy ending with hard drugs''.
He said: ''Well, I was partying a lot. I wasn't like a junkie per se, but I was partying.
''I was the dumb kid who was just taking it too far and if you put a line in front of me I was like, 'Yeah, I'll do that.'
''I was messing around with pills.
''The truth of the matter is, and this is what I say to my kids, they know everything. They can go online and say, 'What the f**k happened to you back then?'
''There's no happy ending with hard drugs. You're going to experiment, you're going to do all that, but at the end of the day there's no happy ending.
''I'm not an AA dude, I'm not any of that. I don't really discuss how I live my life in that regard with people, they don't need to know that much about my life.''
Taylor thought Foo Fighters were going to split while attempting to make their fourth studio album 'One by One', which was released in 2002, but the band - also made up of Nate Mendel, Pat Smear, Chris Shiflett and Rami Jaffee - remain together and have gone on to drop another five records since.
Speaking to Beats 1's Matt Wilkinson, he added: ''We tried to make 'One By One' and it really looked like the end.
''I don't think that glamorising that lifestyle is a good thing - I just don't. I think it's a bad message.''
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