The couple, who were together for around nine months, have called time on their relationship after their busy work schedules kept them apart.
Despite the break-up the former couple remain friends.
A source told the New York Post newspaper: "It was mutual and amicable."
The Jonas Brothers star and the 'Twilight Saga' actress started dating last summer.
The 21-year-old singer-and-actor only recently praised the 24-year-old actress for putting his "feelings first" and claimed he was very happy in their relationship.
In an interview with Details magazine, he said: "I think what works about it with Ashley is she really puts my feelings first. She understands my busy schedule. She'll fly out to my shows - she's been to places in South America that I can't even pronounce."
Country singer Taylor claimed he dumped her over the phone, and has previously revealed their split inspired her song 'Forever & Always'.
The 21-year-old musician mocked her ex during an appearance on sketch show 'Saturday Night Live' in 2009.
While performing a comedy song, she sang the lyrics: "You might think I'd bring up Joe Jonas, that guy who broke up with me on the phone / But I'm not gonna mention him in my monologue.
"Hey Joe, I'm doing real well. Tonight, I'm hosting SNL. / But I'm not gonna brag about that in my monologue. La la la. Ha ha ha."