[2][3] Monegan grew up in the small village of Nyac, between Aniak and Bethel in rural Southwest Alaska.

[5] After graduating high school in Anacortes Washington He attended Alaska Methodist University for a year, and then joined the Marine Corps in 1970.

He worked in every division of the Anchorage Police Department, including Internal Affairs, Crime Prevention, Communications, and Detectives.

[8] Governor Palin's Chief of Staff, Mike Nizich dismissed Public Safety Commissioner Walt Monegan on July 11, 2008, for the reason (according to Palin's spokesperson Sharon Leighow) that "the governor wanted to take DPS in a different direction" [9] Nizich then offered Monegan the job as director of the ABC Board which he turned down.

[12][13] Monegan stated he learned an internal investigation had found all but two of the allegations to be unsubstantiated, and Wooten had been disciplined for the others three years prior.

On October 10, 2008, the Alaska Legislative Council unanimously voted to release, without officially endorsing,[16] the Branchflower Report in which Stephen Branchflower found that "Governor Sarah Palin abused her power as Governor ... [and] Walt Monegan's refusal to fire Trooper Michael Wooten ... was likely a contributing factor to his termination as Commissioner of Public Safety.

The Associated Press reported on November 3, 2008, that an independent investigation subsequently conducted by the Alaska Personnel Board cleared Governor Palin of any abuse of power.