Wallace Carmichael Murchison was born October 27, 1919 to Wilmington doctor, David Reid Murchison, and May Carmichael Murchison. He received a bachelor’s degree from Princeton University in 1941, a J.D. degree from the University of North Carolina in 1946, and an LL.M. degree from Harvard Law School in 1947. During World War II, Murchison served in the U.S. Navy from early 1943 to September 1945. Upon the completion of law school, he began practicing law in Wilmington, eventually cofounding the Wilmington law firm of Murchison, Fox & Newton (now Murchison, Taylor & Gibson, PLLC) in 1955. Murchison retired from law in 1994.

Murchison assisted the Diocese of Eastern Carolina, where he served as Director of the Finance Department. Politically, he was involved with Alton Lennon's Senate and House of Representatives campaigns to register voters who would vote for Lennon. He also worked with other government officials, including Governor Sanford. In June of 1963, Governor Sanford established the North Carolina Fund, a non-profit, charitable corporation. The corporation was created to study problems associated with improving education and economic opportunities for North Carolinians. With the public's general welfare in mind, the Fund recommended grants for research within the state which would seek solutions to problems, while using public and philanthropic funds. The North Carolina Fund focused on a solution to poverty and dependency, while recommending which organizational and financial changes in government and community services would be required. Murchison was a member of this corporation and served from 1963 to 1971.

Murchison married Susan Shands in 1948, with whom he had four children. Wallace C. Murchison died June 2, 2013 in Wilmington, North Carolina.