Wallace had two children with his first wife, Norma Kaphan.
Wallace's younger son, Chris, is also a journalist.
His elder son, Peter, died at age 19 in a mountain-climbing accident in Greece in 1962.

From 1949 to 1954, Wallace was married to Patrizia "Buff" Cobb, an actress and stepdaughter of Gladys Swarthout.
The couple hosted the "Mike and Buff Show" on CBS television in the early 1950s.
They also hosted "All Around Town" in 1951 and 1952.

For many years, Wallace unknowingly suffered from depression.
In an article that he wrote for Guideposts, Wallace related, "I'd had days when I felt blue and it took more of an effort than usual to get through the things I had to do."
His condition worsened in 1984 after General William Westmoreland filed a $120 million libel lawsuit against Wallace and CBS over statements that were made in the documentary The Uncounted Enemy: A Vietnam Deception (1982).
Westmoreland claimed that the documentary made him appear as if he had manipulated intelligence.
The lawsuit, Westmoreland v. CBS, was later dropped after CBS issued a statement explaining they never intended to portray the general as disloyal or unpatriotic.
During the proceedings, Wallace was hospitalized with what was diagnosed as exhaustion.
His wife Mary forced him to go to a doctor, who diagnosed Wallace with clinical depression.
He was prescribed an antidepressant and underwent psychotherapy.
Out of a belief that it would be perceived as weakness, Wallace kept his depression a secret until he revealed it in an interview with Bob Costas on Costas' late-night talk show, Later.
In a later interview with colleague Morley Safer, he admitted having attempted suicide circa 1986.

Wallace received a pacemaker more than 20 years before his death, and underwent triple bypass surgery in January 2008.
 He lived in a care facility the last several years of his life.
In 2011, CNN host Larry King visited him and reported that he was in good spirits, but that his physical condition was noticeably declining.

Wallace considered himself a political moderate.
He was a friend of Nancy Reagan and her family for over 75 years.
Nixon wanted Wallace to be his press secretary.
Fox News said, "He didn't fit the stereotype of the Eastern liberal journalist."
Interviewed by his son on Fox News Sunday, he was asked if he understood why people feel disaffection toward the mainstream media. "
They think they're wide-eyed commies; liberals," Mike replied, a notion he dismissed as "damned foolishness".
Wallace had two children with his first wife, Norma Kaphan. Wallace's younger son, Chris, is also a journalist. His elder son, Peter, died at age 19 in a mountain-climbing accident in Greece in 1962.
From 1949 to 1954, Wallace was married to Patrizia "Buff" Cobb, an actress and stepdaughter of Gladys Swarthout. The couple hosted the "Mike and Buff Show" on CBS television in the early 1950s. They also hosted "All Around Town" in 1951 and 1952.
For many years, Wallace unknowingly suffered from depression. In an article that he wrote for Guideposts, Wallace related, "I'd had days when I felt blue and it took more of an effort than usual to get through the things I had to do." His condition worsened in 1984 after General William Westmoreland filed a $120 million libel lawsuit against Wallace and CBS over statements that were made in the documentary The Uncounted Enemy: A Vietnam Deception (1982). Westmoreland claimed that the documentary made him appear as if he had manipulated intelligence. The lawsuit, Westmoreland v. CBS, was later dropped after CBS issued a statement explaining they never intended to portray the general as disloyal or unpatriotic. During the proceedings, Wallace was hospitalized with what was diagnosed as exhaustion. His wife Mary forced him to go to a doctor, who diagnosed Wallace with clinical depression. He was prescribed an antidepressant and underwent psychotherapy. Out of a belief that it would be perceived as weakness, Wallace kept his depression a secret until he revealed it in an interview with Bob Costas on Costas' late-night talk show, Later. In a later interview with colleague Morley Safer, he admitted having attempted suicide circa 1986.
Wallace received a pacemaker more than 20 years before his death, and underwent triple bypass surgery in January 2008.  He lived in a care facility the last several years of his life. In 2011, CNN host Larry King visited him and reported that he was in good spirits, but that his physical condition was noticeably declining.
Wallace considered himself a political moderate. He was a friend of Nancy Reagan and her family for over 75 years. Nixon wanted Wallace to be his press secretary. Fox News said, "He didn't fit the stereotype of the Eastern liberal journalist." Interviewed by his son on Fox News Sunday, he was asked if he understood why people feel disaffection toward the mainstream media. "They think they're wide-eyed commies; liberals," Mike replied, a notion he dismissed as "damned foolishness".
Mike Wallace