Paul Wallace was born as Paul Norton Willens in Los Angeles, California, to Samuel and Anna (Goldstein) Willens. Paul studied drama at Horace Mann High School in Los Angeles, and in the summer of 1952 he enrolled in a dance course at the Nick Castle Studio along with classmates including future Mouseketeers Sharon Baird, Lonnie Burr and Doreen Tracy. His training prepared him for a career on stage and film, beginning with a role in "Season in the Sun" at the Geller Theater in the fall of 1954.

Robert Young was impressed with Paul's performance as Dutch in "Best Foot Forward" at the Civic Playhouse in 1956, and this led to a three-year stint as Kippy on the series "Father Knows Best". After acting in the films "Johnny Trouble" and "Crime in the Streets", and regional theatre productions of "Kiss Me, Kate", "Damn Yankees" and "The Pajama Game", Paul made his Broadway debut as Tulsa in "Gypsy" in 1959. His performance as Tulsa in the 1962 film yielded him a Golden Globe nomination as Most Promising Male Newcomer.

Paul died on November 30, 2001 in Cathedral City, California at the age of 63.