It was discovered on 5 September 1924, by Soviet astronomer Sergey Belyavsky at the Simeiz Observatory on the Crimean peninsula.
[11] Wallenbergia has been characterized as a stony S-type asteroid by PanSTARRS photometric survey.
[9] In September 1989, the first rotational lightcurve of Wallenbergia was obtained from photometric observations by Polish astronomer Wiesław Z. Wiśniewski at University of Arizona.
Lightcurve analysis gave a well-defined rotation period of 4.096 hours with a brightness amplitude of 0.33 magnitude (U=3).
[6] Observations in the R-band at the Palomar Transient Factory in 2014, gave a period of 4.116 and 4.12 hours with an amplitude of 0.25 and 0.23 magnitude, respectively (U=2/2).