The 19-year-old is linking up with former City captain Vincent Kompany, who is preparing for his second full season in charge as coach at Lotto Park.
Kompany successfully called on his former club for help last term, taking Lukas Nmecha on a temporary deal spanning the 2020-21 campaign.
The German went on to score 18 goals in 37 league appearances over the course of his stay in Belgium.
Now the hope will be that Harwood-Bellis, who spent the back half of last season in the Championship with Blackburn Rovers, can make a similar positive impact.
The teenager, who joined City's academy at the age of six, has made senior appearances for the club so far.
On his arrival, Anderlecht sporting director Peter Verbeke said: "Taylor is a young central defender who already plays with a lot of personality and maturity.
"His training at City, together with experience in the Championship, makes him a player who is good on the ball and who has a lot of aggressivity and audacity."