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Jimmy grew up in Oak Cliff in a strong environment of music and great guitar players, with the likes of Stevie Ray Vaughn and Rocky Athas. Wallace started playing when he was 13 years old and always had an extreme love for guitars. When he started playing out on the road, he would continually look for rare guitars in pawn shops and music stores. Jimmy ended up working at Arnold & Morgan Music in Garland in the late 70s/early 80s and encountered many notable performers. That is where his relationship with Gibson developed and the Jimmy Wallace Les Paul came about. The edition of that guitar opened many doors through the years and led to very opportunistic relationships.

Jimmy continues to travel as a working musician while maintaining status in the guitar-collecting world. He has been involved in the Dallas International Guitar Festival since its conception in 1978, which he still owns and has had the privilege to watch grow to be the largest guitar event in the world. He owns a vintage guitar shop in historic downtown Garland - Jimmy Wallace Guitars, where they also build and distribute guitars internationally. Jimmy has performed with Stevie Ray Vaughan, Rocky Athas, Bugs Henderson, Todd Rundgren, Lynyrd Skynyrd, the Cars, Phil Keaggy, Stephen Stills, Johnny Winter, Willie Nelson, Albert King, Gregg Allman, James Burton, Eddie Van Halen, Ted Nugent, Keith Richards, George Lynch, Johnny Winter, and Paul Reed Smith, to name a few, as a result of his ongoing journey as a working musician and his work with the Dallas International Guitar Festival.