Austrian ace Bernd Wiesberger makes up the Scot’s group, which is sure to attract a big crowd due to Taylor being an Augusta resident.
This is also the former Ryder Cup player’s first appearance in the season’s opening major since 2008, having re-ignited his career with victory in the AT&T Pebble Beach Pro-Am earlier this year.
Lyle’s group is the fourth one out in the first round at 8.53am.
Russell Knox, the only other Scot in the field this year, will have to wait until the afternoon to make his debut at Augusta National.
The 30-year-old is out at 12.33pm along with Kiwi Danny Lee and Smylie Kaufman, the young American who won the Shriners Open on the PGA Tour towards the end of last year.
Defending champion Jordan Spieth will be the first of the game’s new “Big Three” to step on to the tee, heading out at 9.48am with England’s Paul Casey and American amateur Bryson DeChambeau.
World No 1 Jason Day and Rory McIlroy, who is bidding to complete a career Grand Slam this week, are both out in the afternoon on day one.
Day has American Matt Kuchar and South African Ernie Els in his group while McIlroy plays in the last match with Ryder Cup team-mate Martin Kaymer from Germany and American Bill Haas.
After the ceremonial tee shots from Jack Nicklaus and Gary Player, American Jim Herman, the last man into the field after winning the Shell Houston Open on Sunday, will strike the first official blow.
For his his last appearance in the event, Tom Watson has been paired with fellow American Charley Hoffman, last year’s first-round leader after a 64, and England’s Lee Westwood.