Wallace was earned his B.A.(1975) from Biola University, and his Th.M. (1979) and Ph.D. (1995) in New Testament studies from Dallas Theological Seminary. He also pursued postdoctoral studies in a variety of places, including in Cambridge at Tyndale House, Christ's College, Clare College, and Westminster College, and in Germany at the Institute for New Testament Textual Research, University of Tübingen, and the Bavarian State Library. Wallace, along with DTS colleague Darrell L. Bock, has been an outspoken critic of the alleged "popular culture" quest to discredit conservative evangelical views of Jesus—including the writings of Elaine Pagels and Bart Ehrman.