Within the fields of Ambient Assisted Living and healthcare for the ageing population, a large variety of innovative ICT-based products and services have been designed in recent years to increase the quality of life of the elderly. However, a structured categorization and comparability of the different products and services is significantly lacking. As such the main objective of the TAALXONOMY project was to close this gap by providing a comprehensive and above all practical taxonomy for effective classification of AAL products and services. Taking into account international definitions (WHO, OECD, etc.), initiatives (BRAID, EIP – AHA, MYBL, JPND, etc.) and standards (NACE, ISO 9999, etc.), relevant aspects, categories and indicators were derived. In combination with a structured analysis of strength and weaknesses of existing schemes, a novel classification system is generated. Taalxonomy actively integrated relevant stakeholders, users and experts to collaboratively generate a practical classification grid, which was complemented by recommendations for further actions and innovative dissemination measures.