In 1989, whilst at Saint Wilfrids secondary school, Walters was cast in ITV's British Children's anthology series Dramarama, portraying Corporal Tomkins, in the series seven episode entitled "Ghost Story".
Walters' second professional role was in the BBC's drama anthology series Screenplay.
He was featured in Jimmy McGovern's series five episode Needle (1990), based upon the needle exchange programme and heroin epidemic in 1980s Liverpool.

After obtaining of a BTEC in Performing arts at Southport College (1990–1992), Walters went on to gain a place at the Bristol Old Vic Theatre School (1994–1996).
In 1994 he played the lead role of Joey Jackson, a poetic soul searching for the meaning of life, in Jim Morris' Blood on the Dole as part of the Alan Bleasdale Presents series for Channel 4.
This performance garnered much critical acclaim for Walters and with the personal advice of Bleasdale he decided to apply to train at drama school.

Upon completion of drama school Walters appeared as Ian Glover in Jimmy McGovern's highly acclaimed drama Hillsborough (1996), based upon the Hillsborough disaster at the 1989 FA Cup Semi-finals.
Hillsborough went on to win a BAFTA for best drama.
His next performance was the role of Jamie Johnson on ITV's ill-fated drama series Springhill (1996), though Walters did not return for the second series due to artistic differences.
In 1997 he would once again work with "Ghost Story" director Julian Jarrold in the ITV drama Touching Evil.
Walters would portray lead guest character Jack McCaffrey, a slippery cockney, in the two-part series one finale written by Paul Abbott.

Between 1998 and 2000, Walters appeared in several episodic performances such as BBC's Pie in the Sky, opposite the late Richard Griffiths, Mikey Sullivan in Jimmy McGovern's crime drama Liverpool 1, Technician Fifth Grade John McGrath in HBO's WWII miniseries Band of Brothers (based upon historian Stephen E. Ambrose's 1992 book of the same name), and Scott in the BBC drama Nice Guy Eddie.
During this time Walters completed his first feature film where he played the role of Dennis, opposite Robert Carlyle, in Jake Scott's anachronistic comedy Plunkett and Macleane.

In 2001, Walters starred as Knockoff in the BBC production of writer Jim Cartwright's (Road, Little Voices) comedy Strumpet, opposite Christopher Eccleston.
Directed by Danny Boyle, the film was a contrast to the dramatic work Walters had done to date.
Walters then played Kick Box Stevie in the darkly comedic film Kiss Kiss (Bang Bang), writer/director Stuart Suggs sophomore feature.

That same year Walters featured in producer Matthew Vaughn's film Mean Machine (2001), a remake of the 1974 Burt Reynolds classic, as bomb expert Nitro opposite Vinnie Jones.
He then played the role of Nazi skinhead Blowfish in Ronny Yu's film The 51st State (AKA-Formula 51) opposite Samuel L Jackson and Robert Carlyle.
Both characters showcased the more unpredictable, dangerous type of characters that Walters often portrays.

These consecutive roles were the springboard to Walters being cast in the lead role of prison psychiatrist Nick Vaughan, alongside Lennie James, in Channel 4's eight-part drama series Buried (2002).
The Channel 4 series, from producer Tony Garner, was awarded the BAFTA for Best Drama and Walters was the recipient of critical acclaim for his performance.

In 2003, Walters played the lead role of Dylan Forbes in the premier episode of the ITV drama Murder City, directed by Sam Miller.
The following year (2004) Walters was directed by Matthew Vaughn in the explosive supporting role of Shanks, opposite Daniel Craig, in the feature film Layer Cake.
Vaughn, who had produced Barry Scholnick's Mean Machine, offered Walters the role.
Walters' next project was Guy Richie's crime thriller feature film Revolver (2005) where, opposite Jason Statham, he portrayed Irish Joe.
That same year saw a cameo appearance, as the Arkham Lunatic, in Christopher Nolan's acclaimed feature Batman Begins and a turn as Lord Gilbert Gifford in the BBC's dramatic mini-series The Virgin Queen.

In 2007,
In 1989, whilst at Saint Wilfrids secondary school, Walters was cast in ITV's British Children's anthology series Dramarama, portraying Corporal Tomkins, in the series seven episode entitled "Ghost Story". Walters' second professional role was in the BBC's drama anthology series Screenplay. He was featured in Jimmy McGovern's series five episode Needle (1990), based upon the needle exchange programme and heroin epidemic in 1980s Liverpool.
After obtaining of a BTEC in Performing arts at Southport College (1990–1992), Walters went on to gain a place at the Bristol Old Vic Theatre School (1994–1996). In 1994 he played the lead role of Joey Jackson, a poetic soul searching for the meaning of life, in Jim Morris' Blood on the Dole as part of the Alan Bleasdale Presents series for Channel 4. This performance garnered much critical acclaim for Walters and with the personal advice of Bleasdale he decided to apply to train at drama school.
Upon completion of drama school Walters appeared as Ian Glover in Jimmy McGovern's highly acclaimed drama Hillsborough (1996), based upon the Hillsborough disaster at the 1989 FA Cup Semi-finals. Hillsborough went on to win a BAFTA for best drama. His next performance was the role of Jamie Johnson on ITV's ill-fated drama series Springhill (1996), though Walters did not return for the second series due to artistic differences. In 1997 he would once again work with "Ghost Story" director Julian Jarrold in the ITV drama Touching Evil. Walters would portray lead guest character Jack McCaffrey, a slippery cockney, in the two-part series one finale written by Paul Abbott.
Between 1998 and 2000, Walters appeared in several episodic performances such as BBC's Pie in the Sky, opposite the late Richard Griffiths, Mikey Sullivan in Jimmy McGovern's crime drama Liverpool 1, Technician Fifth Grade John McGrath in HBO's WWII miniseries Band of Brothers (based upon historian Stephen E. Ambrose's 1992 book of the same name), and Scott in the BBC drama Nice Guy Eddie. During this time Walters completed his first feature film where he played the role of Dennis, opposite Robert Carlyle, in Jake Scott's anachronistic comedy Plunkett and Macleane.
In 2001, Walters starred as Knockoff in the BBC production of writer Jim Cartwright's (Road, Little Voices) comedy Strumpet, opposite Christopher Eccleston. Directed by Danny Boyle, the film was a contrast to the dramatic work Walters had done to date. Walters then played Kick Box Stevie in the darkly comedic film Kiss Kiss (Bang Bang), writer/director Stuart Suggs sophomore feature.
That same year Walters featured in producer Matthew Vaughn's film Mean Machine (2001), a remake of the 1974 Burt Reynolds classic, as bomb expert Nitro opposite Vinnie Jones. He then played the role of Nazi skinhead Blowfish in Ronny Yu's film The 51st State (AKA-Formula 51) opposite Samuel L Jackson and Robert Carlyle. Both characters showcased the more unpredictable, dangerous type of characters that Walters often portrays.
These consecutive roles were the springboard to Walters being cast in the lead role of prison psychiatrist Nick Vaughan, alongside Lennie James, in Channel 4's eight-part drama series Buried (2002). The Channel 4 series, from producer Tony Garner, was awarded the BAFTA for Best Drama and Walters was the recipient of critical acclaim for his performance.
In 2003, Walters played the lead role of Dylan Forbes in the premier episode of the ITV drama Murder City, directed by Sam Miller. The following year (2004) Walters was directed by Matthew Vaughn in the explosive supporting role of Shanks, opposite Daniel Craig, in the feature film Layer Cake. Vaughn, who had produced Barry Scholnick's Mean Machine, offered Walters the role. Walters' next project was Guy Richie's crime thriller feature film Revolver (2005) where, opposite Jason Statham, he portrayed Irish Joe. That same year saw a cameo appearance, as the Arkham Lunatic, in Christopher Nolan's acclaimed feature Batman Begins and a turn as Lord Gilbert Gifford in the BBC's dramatic mini-series The Virgin Queen.
In 2007, 
Stephen Walters