The 26-year-old Morocco international, who joined QPR from Tottenham Hotspur in 2009, initially on loan, and scored 34 goals in 164 appearances, featured just eight times last season as the west London club were relegated from the Premier League.
Taarabt was criticised by then-QPR boss Harry Redknapp in October for being "about three stone overweight" but he featured five times after Chris Ramsey was appointed in February.
Taarabt has signed a five-year contract with Benfica, who won the Portuguese title last season.
(Reporting By Michael Hann, editing by Pritha Sarkar)
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