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The earthquake which struck at 3:57am local time destroyed eight buildings and partially collapsed another five in the city of two million people.
Medical authorities said as many as five people are reported dead but there are fears that the toll could rise as rescue crews clear the rubble of the fallen buildings.
At press time, 320 people had been hospitalized for injuries from the quake.
Local television stations showed people, including an infant and the mother being rescued by fire-fighters. Taiwan officials said hundreds of soldiers had been called in to assist in the rescue operations.
Chinese Premier Li Keqiang immediately offered condolences to the people of Taiwan.
The BRICS Post with inputs from Agencies