Ismailbek Taranchiev was born on April 6, 1923 in a village of Besh-Kungey (now in the Alamudun district of the Chui region) .
He joined the Red Army in June 1941. In 1943 he graduated from the 3rd Chkalov Military Aviation Pilot School.
He took part in the battles of the Great Patriotic War from January 1944. Member of the CPSU (b) since 1944. On February 26, 1944, as part of a group, three enemy aircraft were personally set on fire when attacking an airfield in Tartu.
March 18, 1944 on an IL-2 aircraft made 35 sorties to attack enemy targets. With a group of four aircraft, performing a mission in the area of ​​Jaamaküle, Kärikuyula, Lastikoloniya, Sinimäe (Estonian SSR), sent a burning plane to a cluster of enemy tanks.
His feat, he contributed to the destruction of the main defensive line of the Germans in the Narva direction, where the advance of the Red Army was stopped for a long 7 months.
To the title of Hero of the Soviet Union, the glorious son of the Kyrgyz people was introduced in March 1944.
By a decree of the President of the USSR of May 5, 1991, for the courage and heroism shown in the struggle against the Nazi invaders in the Great Patriotic War of 1941-1945, the younger lieutenant Taranchiev Ismailbek was posthumously awarded the title Hero of the Soviet Union. Relatives of the Hero were awarded the Order of Lenin and the Gold Star medal (No. 11648).
He was awarded the Order of Lenin, orders of the Patriotic War of the 1st degree, Red Star, and a medal.
In Estonia, in the Vaivara parish, at the site of the fall of Il-2 I. Taranchiev, a memorial sign is installed.
The street in the village of Besh-Kungey (Kyrgyzstan) is named after I. Taranchiev.
Since December 2017, the name of Ismailbek Taranchiev has been the Su-25 attack aircraft of the Russian military air base Kant in Kyrgyzstan.