Called "one of the most honored and respected of North American trainers" by Thoroughbred Times Co., Inc, as a child, he and his four siblings were placed in an orphanage following the death of their mother.
After high school, McAnally fulfilled his mandatory military service with the United States Air Force and attended the University of Cincinnati for two years, studying electrical engineering.
He began his career in horse racing working at Rockingham Park racetrack in Salem, New Hampshire for his uncle, trainer Reggie Cornell.
As well, he conditioned Silver Ending, a "worthless" horse bought for $1,500 who under McAnally's care won a number of stakes races including the Arkansas Derby and the then GI Pegasus Handicap.
Personal honors include the Eclipse Award for Outstanding Trainer three times and induction in the National Museum of Racing and Hall of Fame.