A taxonomy is a classification scheme -- a systematic way of dividing up some larger class of objects (or concepts) into a set of categories. The subclasses are preferably non-overlapping and completely cover the original class.
This is usually done to make a systematic accounting of the possible different types of things that may be in the original class: species of animals, ways of doing web searches, kinds of computer program security flaws, human personality types, or anything else.
A taxonomy therefore defines the class of objects you are interested in, the criteria you think are important, and the way to enumerate the complete set of subclasses.