Beery was born at 2:47pm-CST in Kansas City, Missouri to Noah W. and Marguerite (Fitzgerald) Beery. Brother of actor William Beery and Noah Beery. Uncle of actor Noah Beery Jr.. Reports that Wallace and Noah were half-brothers are false; all three brothers were born to Noah W. Beery and Marguerite Fitzgerald Beery, according to U.S. census records. Ex-wife Rita Gilman, their daughter Carol Ann, his nephew Noah Beery Jr., and brother William Beery were all with him at the time of his death. At the time of his death, he was involved in a paternity suit. Actress Gloria Schumm claimed that he had fathered her then 13-month old son. He was a brother of actor William Beery.
When the Academy Awards were first presented, the winners were announced ahead of the ceremony, partly with the hope the recipients would show up to collect their award. When it was announced that the winner of the 1931 prize for best actor went to Fredric March, Beery reportedly stormed the office of Louis Meyer, demanding he be given the award instead. The result was a "tie" for Best Actor that year. From then on, the Oscar votes were tabulated by Price Waterhouse, and the winners announced at the ceremony.
In December of 1939, right after divorcing his second wife, Beery adopted a seven-month-old girl, Phyllis Anne, as a single father. There was never any mention of the baby after that, including in his obituary. Died at age of 64 from a heart attack, at the same age and from the same condition that caused the death of his older brother, Noah Beery, three years earlier. Elder brother, William Beery, died just eight months later on Christmas day. All three passed away in Beverly Hills.