Walnut was established in 1872 on land belonging to Henry Hopkins, an early settler.

[3] Walnut is located west of Corinth at the intersection of U.S. Route 72 and Mississippi Highway 15.

The town's older business district is concentrated along Mississippi Highway 354, just east of its intersection with MS 15.

The town lies just a few miles south of the Mississippi-Tennessee state line, and is located roughly equidistant between Memphis and The Shoals in Alabama.

[6][7] As of the 2020 United States census, there were 704 people, 383 households, and 244 families residing in the town.

WLRC 850 on the AM dial is a daytime-only station serving Walnut and the surrounding area with a Gospel music format.