The Wolves Academy product joins the Robins after signing a new deal at Molineux and impressing as part of Bruno Lage's first-team squad throughout pre-season.
Having made his senior debut in October 2019, Perry has been one of the shining lights in James Collins' under-23s side in recent seasons.
The 19-year-old has featured in the Carabao Cup and UEFA Europa League for Wolves.
Perry joins Leicester City midfielder Callum Wright at Whaddon Road to join on loan today as Michael Duff's side kick-off their campaign at Crewe Alexandra on Saturday afternoon.
Speaking about the exciting opportunity for the midfielder, technical director Scott Sellars said, “Taylor has had a really strong pre-season with the first-team, he’s really focused and has come back in good physical and mental condition. He has worked hard and had his opportunity.
“We now feel he needs that every week in a first-team environment. This will be Taylor’s first loan and we think it’s really important, to be in a first-team environment daily, where there’s a really good chance you’re going to play every week, is now what Taylor needs.
“From day one under Bruno, TP has been involved in all of it, so it’s a great experience for him, training under a new manager, it all adds to his development, and now this loan move is what he needs.”
Perry becomes the 10th player allowed to depart the club on loan and the second in four days to link up with a League One side after Theo Corbeanu secured a loan move to Sheffield Wednesday.
Ruben Vinagre and Renat Dadashov will play in Portugal with Sporting CP and Tondela respectively, with Ryan Giles enjoying his third loan spell in two years with Cardiff City.