The singer-and-actor, who forms part of the Jonas Brothers with siblings Kevin and Nick, said that Taylor was "amazing" when she was young.
Joe explained to The Journal: "You're always looking for the right person."
When asked to name his dream date, Joe said: "Hmm, that's hard to say. I change my mind all the time; and if you do name someone it's then awkward when you bump into them... Elizabeth Taylor. In her heyday, she was amazing."
Joe had a high-profile relationship with country pop singer Taylor Swift in 2008. He briefly dated Twilight actress Ashley Greene but the pair split in March this year.
Joe is to release his debut album Fast Life on September 5 in the UK and September 6 in the US and has admitted that he hopes the LP will "shock" people.
Watch the video for Joe Jonas's 'See No More' below: