In 2015 Blakie's father Doug called for police to investigate a new suspect.
He no longer believes Taylor is responsible for his daughter's murder.
A Parole Board spokesperson confirmed Taylor's hearing took place yesterday.
"The board has formally declined parole for Timothy Taylor," he said.
"A full written decision outlining the board's reasons will be available in the next two weeks."
Taylor was also denied parole in 2015 and 2016.
At his 2016 hearing he was described in a psychologist's report as being of high risk of general offending involving criminal attitudes, violence, substance abuse and gang relationships.
"[He] has a very significant way to go before he could be eligible for release," the decision stated.
It also detailed Taylor's past criminal history, "involving dishonesty as well as rape of a female in 1986 and revealed details of his involvement in bringing contraband goods into prison in October 2015, for which he incurred a misconduct and a 28-day forfeiture penalty".
In 2015 an investigation by MediaWorks current affairs show 3D revealed another man who may have played in Blakie's death was living in Australia.
3D claimed a stray pubic hair found on Blakie's body that was never identified could have belonged to him.
At the time Blakie's father Doug admitted he'd always had his doubts about Taylor.
"I believe he [Taylor] was involved and he had a part to play, but I always had doubts that he was the one that killed Lisa."
His suspicions were also echoed by a former police officer, Bridget McMenamin, who had worked on the case.
She told 3D police at the time ignored key evidence in the case.
"A lot of people on that case worked damn hard, but I think the people in charge of that case decided they wanted to get an arrest and Taylor was going to be the easiest person to arrest for the murder of Lisa Blakie."
She remained convinced there was one piece of evidence that held the key -- a white Bedford van seen by 10 people in the area.
The van, which was owned by the Devil's Henchmen, was never searched by police.
Taylor, who knew the gang and was always thought to have known more than he let on, admitted earlier this year in a meeting with Blakie's father that he'd seen the van that day.
He named three people inside, two of whom McMenamin said had been ruled out in the investigation.
She said the pair were DNA tested and eliminated from the inquiry, but the third person, who is now believed to be living in Australia, never was.
McMenamin said the stray pubic hair could provide the missing link.
The 3D team tracked the third mystery man to Queensland, but he appeared to have moved on by the time they arrived at his work.
Police investigations into the man did not offer up any new evidence.
