Walton and Katy were married in 1969. In 2019 they celebrated their fiftieth wedding anniversary. They have two daughters, Sarah and Anne Marie, and three grandchildren—Elizabeth, Kathryn, and Auguste Elliott. Walton received a Ph.D. in Economics in 1975 from LSU, and began teaching after that. In 1977 Walton and Katy joined staff with Campus Crusade for Christ. They served for three years in the US, Mexico, and Bolivia. They both speak Spanish.

Walton began teaching at Union University in Jackson, Tennessee in 1980 and retired from teaching in 2017. During that time the Lord opened many opportunities for discipleship of young men and Friday night Bible studies for men and women.

In addition, Walton began traveling back to Latin America in 1982 in the summers in order to teach in Bible Institutes, churches, and other mission organizations. Walton and Katy are interested in finding more opportunities for ELI to minister in Spanish-speaking or Portuguese-speaking countries.