Organisers of the concerts called them off on Wednesday, local time, after officials announced arrests over the plot.
Swift was scheduled to play at the Austrian capital's Ernst Happel Stadium on Thursday, Friday and Saturday as part of her Eras Tour.
"With confirmation from government officials of a planned terrorist attack at Ernst Happel Stadium, we have no choice but to cancel the three scheduled shows for everyone's safety," event organiser Barracuda Music said in a post on Instagram.
The statement cited government officials' "confirmation" of a planned attack at the stadium.
Earlier, authorities said they had arrested two suspected extremists, one of whom appeared to be planning an attack on an event in the Vienna area, suspected to be a concert.
The 19-year-old main suspect was arrested in Ternitz, south of Vienna, and the second person in the Austrian capital.
Public security director at Austria's interior ministry Franz Ruf said that authorities were aware of "preparatory actions" for a possible attack.
"During our investigations, we identified preparatory actions and noted that the 19 year-old suspect had a particular focus on the Taylor Swift concerts in Vienna," Mr Ruf said, adding that the suspect, an Austrian citizen, had pledged allegiance to Islamic State.
The Austrian citizen is believed to have become radicalised on the internet.
Police searched the residence of one of the suspects in Ternitz, Lower Austria, and are analysing items from the home.
Mr Ruf said that chemical substances were secured and were being evaluated.
He didn't give more details.
Austrian Chancellor Karl Nehammer said the cancellation was "a bitter disappointment" but the situation around the apparently planned attack was "very serious", in a post on the social media platform X.
He added that, thanks to intensive cooperation between police, Austrian and foreign intelligence, "the threat could be recognised early on, tackled and a tragedy prevented".
The cancellation came hours after authorities said security measures for the Swift concerts would be stepped up.
Mr Ruf said that there would be a special focus among other things on entry checks and concertgoers should plan a bit more time.
Vienna police chief Gerhard Pürstl said at the same time that, while any concrete danger had been minimised, an abstract risk justified raising security.
Police were expecting 65,000 attendees each day.
Barracuda Music said that ticket holders will be automatically refunded within the next 10 days.
Last month, three children aged six, seven and nine were killed at a Taylor Swift-themed dance workshop in the UK.
At least six other children and two adults were hospitalised following the Southport incident.
A 17-year-old boy has since been charged with three counts of murder and 10 counts of attempted murder.
Police have said the incident was not terrorism-related.
In 2017, an attack at an Ariana Grande concert in Manchester killed 22 .
Suicide bomber Salman Abedi set up a knapsack bomb in Manchester Arena at the end of Grande's concert as thousands of young fans were leaving.
More than 100 were injured and Abedi died in the explosion.
An official inquiry reported last year that Britain's domestic intelligence agency, MI5, didn't act swiftly enough on key information and missed a significant opportunity to prevent the bombing, the deadliest extremist attack in the UK in recent years.
Swift fans took to social media to express their devastation at missing out on one of the superstar's shows.
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