Born in Chicago, Illinois, Waller graduated from Hyde Park High School with Steve Allen and Mel Torme, matriculated at the University of Chicago, worked as a crime reporter for the City News Bureau and Chicago Sun (later Sun-Times), joined the United States Army Air Force in January, 1942, assigned to Intelligence. He returned to the U. of C. in 1946.

Waller's first novel was published in 1944, followed eventually by more than 50 novels, non-fiction books and illustrated science texts. In 1950 he earned an M.A. in American Literature from Columbia University. From his first marriage he has two daughters, Elizabeth and Susan, who each have two daughters.

In 1967 he married photographer and actress Patricia Mahen, moved to Calabria (Italy) in 1978 and later to England. After 15 years abroad they returned to the U.S. in Naples Florida where he writes and lectures as editor of Florida's leading cultural magazine, the Naples Review.

His most noted films are "Dog Day Afternoon," "Hide in Plain Sight," and "Close Encounters of the Third Kind." Among his most popular novels on the New York Times best-seller list are: "The Banker," "The Family," 'The Swiss Account," "Mafia Wars," "The American" and "Embassy."