Sarah Lahti had the previous Swedish record of 15.22 from this spring.
Taye set an Ethiopian record in the 3000 meters with 8.19.52 earlier this year and was the second fastest on the 5000 meter course with 14.14.09.
Today's race in Barcelona was the second 21-year-old done on the road.
The ladies started at the same time as the men and Taye had traction and was able to pull away from Bahta early.
The record for Taye is counted in the mixed class where ladies and gentlemen start at the same time.
There is also an own record when only ladies have competed.
Taye's record shot in a mixed race was 24 seconds.
The second best women's time in the distance has Senbere Teferi at 14.29 from earlier this autumn.
It also became a world record in the men's class.
20-year-old Berihu Aregawi, also from Ethiopia, won in 12.49 and improved the Ugandan Joshua Cheptegei's record by two seconds.
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Athletics: EC terrain