High school career
Wallace attended Bakersfield High School, where he became his school's all-time scoring leader with 1,767 career points.  He was also a two-time Bakersfield Californian Player of the Year, and in his senior season in 2012, he was a Second Team All- CIF selection. He was rated the 13th best point guard in the nation by Rivals.com and given a 4-star rating. 
Wallace chose to attend the University of California, Berkeley over several other schools, including Pac-12 rivals Oregon and Arizona State. Coach Mike Montgomery made him a starter just 10 games into his freshman year, and Wallace responded, averaging 7.2 points and 4.4 rebounds per game the rest of the season.  The Bears would make the NCAA Tournament that year, upsetting a higher-ranked UNLV team before falling in the second round to Syracuse.
Wallace continued to make strides in his sophomore year, as he started every game but one and led the team in steals (44) and 3 pointers (43).  By his junior season, Wallace had become a star, as he averaged 17.1 points, 7.1 rebounds, and 4 assists per game. He was named first-team All-Pac-12, and was a finalist for the Bob Cousy Award, given to the nation's top point guard. One of his many highlights included hitting a 3 pointer at the buzzer to give Cal a 70-69 victory over USC. 
Salt Lake City Stars (2016–2017)
Wallace was taken by the Utah Jazz with the last pick of the 2016 NBA draft.   In July, 2016, he joined the Jazz for the 2016 NBA Summer League.  On October 31, 2016, he was acquired by the Salt Lake City Stars, the Jazz's NBA Development League affiliate.  He was waived on November 10 after suffering an injury.  On November 14, he was reacquired by the Stars.  On July 18, 2017, his right was reported to have renouced, allowing Wallace to sign with any NBA team. 
Agua Caliente Clippers (2017–present)
On September 27, 2017, Wallace signed with the Los Angeles Clippers.  After being one of the final cuts by the Clippers in preseason, he was signed to their G League affiliate, the Agua Caliente Clippers.
Wallace is the son of Tyrone Wallace Sr. and Michelle Wallace. He has a younger brother, Da’zion Wallace, and younger sister, Diamond Wallace, as well as an older brother, Ryan Carolina. He majored in Social Welfare.