As he advised in an interview with Fatherly, Wallace has six children; Peter, Megan, Catherine, Andrew, Sarah and Remick (Peter is the eldest, Remick is the youngest). All of them call him "Dad" apart from Megan, who calls Wallace "Bom Bom" because that's what her own children call him. Peter, Megan, Catherine and Andrew are from Wallace's previous marriage to Elizabeth Farrell, while Sarah and Remick are his wife Lorraine's children from a previous marriage, per Film Reference.

The Fox News host described himself to Fatherly as an "attentive, caring, constructively-critical father," noting his strengths are that he's present in his kids' lives, and they consistently keep in touch. As for weaknesses, Wallace admits, "If there's something that bothers me, I will mention it, even when I know I probably shouldn't." His biggest achievement as a parent is purely that his six kids grew up to be happy, well-adjusted adults. Likewise, "the two that have children seem to be wonderful parents and I claim a small scoop of responsibility for that."