Wally Amos lived in Tallahassee, Florida until he was twelve. When his parents divorced, he then moved to Manhattan, New York with his aunt, where he enrolled at the Food Trades Vocational High School. He showed interest in cooking from a very young age, and it was from his aunt, who would bake cookies for him, that Amos would develop his chocolate chip cookies recipe. Amos would improve on his aunt's recipe, which was already unusual because it included several ingredients not generally associated with chocolate chip cookies.

Shortly before graduation, Amos dropped out of high school to join the United States Air Force. He earned his high school equivalency diploma before being honorably discharged from the military. Before being discharged he did have a distinguished military career.

Returning to New York City, Amos went to college to become a secretary, and following graduation, took a clerical job with the William Morris Agency. Eventually, he became the agency's first African American talent agent. Amos attracted clients by sending them chocolate chip cookies along with an invitation to visit him. He represented superstars, such as Diana Ross & the Supremes and Simon & Garfunkel.

In 1975, a friend suggested to Amos that he set up a store to sell his cookies, and in March of that year, the first "Famous Amos" cookie store opened in Los Angeles, California. He started the business with the help of a $25,000 loan from Marvin Gaye and Helen Reddy. The new company began to expand, and, eventually, "Famous Amos" chocolate chip cookies could be found on supermarket shelves across the United States. Thanks in part to the success of his cookie company, he was hired to deliver speeches. He has written nine books , many of which have a self-help theme, including The Cookie Never Crumbles and The Power in You .

Due to financial troubles, Amos was forced to sell the Famous Amos Company, and since the name "Famous Amos" was trademarked by his former company, Amos then started "The Uncle Noname's Cookie Company." A Famous Amos distributor at the time, Lou Avignone, heard Amos on a local radio talk show and, inspired by Amos' story of his early business success with Famous Amos and his indomitable spirit, contacted Amos with the idea for starting a new business. In 1994, the two became partners and subsequently launched "Uncle Noname Gourmet Muffins." The company focused on fat-free, nutritious muffins at that time. Uncle Noname ultimately became Uncle Wally's Muffin Company in 1999. The muffins are sold in more than 3,500 stores nationwide.

In 1979, Amos's long-time friend and publicist John Rosica introduced him to Literacy Volunteers of America. Since that time, Amos has advocated literacy and helped thousands of adults learn to read. In 1987, he also hosted a television series designed to teach others how to read, entitled Learn to Read, produced by Kentucky Educational Television and WXYZ-TV.