The team will consider changing road layouts and reducing speed limits in some areas.
Oxfordshire County Council, Oxfordshire Fire and Rescue Service, Thames Valley Police and the Thames Valley Police & Crime Commissioner are all involved in the new initiative looking at educating drivers and helping communities tackle the issue.
Virtual meetings will help identify key accident and speeding hotspots with a focus on alerting drivers to the effects and consequences of speeding.
Residents will now also be given more say on how to stop drivers speeding in their neighbourhoods.
The team will help set up Community Speedwatch groups to monitor motorists who break the limits.
Councillor Liam Walker, Oxfordshire County Council's Cabinet Member for Highways Delivery and Operations, who sits on the taskforce, said: "Speeding is rightly one of the top issues that residents in Oxfordshire are concerned about and this is an opportunity for us to all work closer to explore new ways to reduce it.
"We all have a responsibility as drivers to play our part and through this new taskforce I hope we can work closely with communities to start looking at solutions to reducing speeding on our roads.
"This may involve more enforcement from Thames Valley Police or the county council changing the layout of roads or reducing speed limits in areas, but the key point of this group is to bring us together so we can start to have these conversations and focus on the changes needed so we can save lives."
Matt Barber, Deputy Police & Crime Commissioner, said:"Speeding and road safety is a legitimate concern for almost every community in the Thames Valley.
"By taking a strategic approach, which involves improving Community Speedwatch, more targeted, intelligence-led police enforcement and safer road management by councils, we can cut speeding, reassure communities and, ultimately, save lives."