The son of John and Hannah Walton, he was born at Worsley, Lancashire, in June 1809, and was educated by Jonathan Crowther.
Ultimately he made a fortune as a jeweller and goldsmith on Ludgate Hill, remaining in business till 1875.
His interest in theosophical writings of this class was widened by acquaintance with James Pierrepont Greaves.
He was attracted too by the type of devout mysticism presented in James Sigston's Life (1839) of William Bramwell.
Walton became a collector of the writings, in print or in manuscript, of mystics, keeping most of his books in what he termed his "Theosophian Library" on his premises at 8 Ludgate Hill.
He also began to print in November 1847 An Outline of the Qualifications … for the Biography of … Law; it was completed at Christmas 1853.