Taiwan Air Force's Mirage 2000 fighter jet crashed into the sea off the island's southeast coast due to mechanical issues, making it the second combat aircraft loss in the space of three months.
The air force said the aircraft took off just after 10 a.m. (2 a.m. GMT) on a training mission from the Chihhang air base in Taitung and reported it had to return after a mechanical problem.
The pilot ejected over the sea south of the air base and was rescued safe and in good condition by helicopter, it added.
An investigation team has been set up and sent to Taitung, the air force said.
Taiwan received its first of its French-built Mirage jets in 1997, though they have been upgraded several times since then.
In January, the air force suspended combat training for its F-16 fleet after a recently upgraded model of the fighter jet crashed into the sea, killing the pilot.