Meaning & Origin
A diminutive of the male given names of Waldo, Walter, Wallabee, and Wallace.
Wally is a boy's and girl's baby name of Old French and Old Norse origin, a diminutive of Walter — from the Old High German Waldhar meaning 'ruler of the army' — or Wallace, from the Old French meaning 'foreigner' or 'Welshman.'
Wally was a beloved American nickname-name through the mid-20th century, carried by everyone from cartoon characters to baseball legends like Wally Moon. It has the warm, uncomplicated goodness of the era that produced it.