Taruffi's sporting career started off on two wheels in 1920 - he was a successful rider, winning 22 races over the years. In 1923 he made a winning switch to four wheels, in a Fiat 501S, in the Rome-Viterbo race. After another stint on a motorbike, he returned to the automobile world in 1931 with the Alfa Romeo of the Ferrari scuderia. Taruffi moved to Maserati in 1934 and won his class in the Mille Miglia with Guerino Bertocchi in a Type 4CS. Other successes followed with the House of the Trident, and among his great wins was the first place in Tripoli in 1938; his first overall in the Nürburgring 1000km in 1956 at the wheel of a 300S teamed with Behra, Moss and Schell; the first in his class at the Targa Florio; and the win in the Giro d'Italia in 1957. He claimed numerous world records, including reaching 274km/h (170mph) in the Maserati-engined Bisiluro.

In 1933 he was awarded a Doctorate in Industrial Engineering in Rome, an important recognition of the technical expertise he contributed to the scuderia, or racing teams, he competed with. As well as his sporting successes he also gave technical consultancy and was an official driver for many teams: Scuderia Ferrari 1931-1933; Maserati 1934-1956-1957; Alfa Romeo 1939; Cisitalia 1947-1949, Ferrari 1950-'51-'52-'55-'57; Lancia 1953-1954; Mercedes 1955. In the 1960s he was a driving instructor with the Centro Sud scuderia.

Taruffi passed away in Rome on 12 January 1988 after a lifetime blessed with triumph and glory on tracks the world over.