The son of a Lord Justice of Appeal, Sir Mark Waller attended Oundle School and studied law at Durham University. He was called to the Bar by Gray's Inn in 1964, and practised commercial law from 1 Hare Court (now Serle Court Chambers). He was appointed Queen's Counsel in 1979, and was a Recorder from 1986 to 1989, when he was made a Judge of the Queen's Bench Division. He was nominated to sit in the Commercial Court, and served as Judge In Charge from 1995 to 1996. He was a Presiding Judge on the North Eastern Circuit from 1992 to 1995. He was appointed a Lord Justice of Appeal in 1996, and was the Vice President of the Court of Appeal (Civil Division) from 2006 to 2010. After retiring from the Court of Appeal in 2010, he practised as an arbitrator. He also served as the  Intelligence Services Commissioner from 2011 to 2016.

Sir Mark enjoys golf and tennis.