Based on its numerous historical explosive eruptions and high potential hazards to nearby population of millions, Taal Volcano is one of the most dangerous “Decade Volcanoes” in the world. To provide better investigation on local seismicity and seismic structure beneath Taal Volcano, we deployed a temporary seismic network consisting of eight stations from March 2008 to March 2010. In the preliminary data processing stage, three periods showing linear time-drifting of internal clock were clearly identified from noise-derived empirical Green’s functions. The time-drifting errors were corrected prior to further data analyses. By using VELEST, 2274 local earthquakes were manually picked and located. Two major earthquake groups are noticed, with one lying beneath the western shore of Taal Lake showing a linear feature, and the other spreading around the eastern flank of Taal Volcano Island at shallower depths. We performed seismic tomography to image the 3D structure beneath Taal Volcano using the LOTOS algorithm. Some interesting features are revealed from the tomographic results, including a solidified magma conduit below the northwestern corner of Taal Volcano Island, indicated by high Vp, Vs, and low Vp/Vs ratio, and a large potential hydrothermal reservoir beneath the center of Taal Volcano Island, suggested by low Vs and high Vp/Vs ratio. Furthermore, combining earthquake distributions and tomographic images, we suggest potential existence of a hydrothermal reservoir beneath the southwestern corner of Taal Lake, and a fluid conduit extending to the northwest. These seismic features have never been proposed in previous studies, implying that new hydrothermal activity might be formed in places away from the historical craters on Taal Volcano Island.