Wallace was a part of three Super Bowl championships with the San Francisco 49ers (1988, 1989, and 1994). In Super Bowl XXIII, he was taken off the field with a broken ankle on the third play of the game. He was replaced by offensive tackle Bubba Paris.
He garnered Pro Bowl honors in 1992, 2 Pro Bowl 1st Alternate in 1993 & 1994 and 2 First-Team All-Pro Teams in 1992 & 1993. Throughout his career, Wallace endured many concussions, and was known for wearing a styrofoam and rubber 1/2" cushioned helmet atop his normal helmet to reduce the impact. Wallace retired following the 1997 season, finishing his career with the Kansas City Chiefs. Wallace was one of the only 49ers to participate in two United Way commercials, earning him the "Community Player of the Year"- Extra Effort Award in 1992. Television Commentator John Madden called Wallace's football play as "nasty, tenacious and mean," "he played with a defensive players' mentality" earning 4 All-Madden Teams, and an All-Rookie Team.
Wallace and Jerry Rice were pictured celebrating after touch down, that picture was used to symbolize the winning tradition of the 49ers on a commemorative stamp for "The Team of the Eighties." Also, Coach Bill Walsh talked about Wallace being one of his favorite players in the book The Blind Side: Evolution of a Game and numerous other 49ers Championship Books. In 21 years of football (5 middle and high school, 4 college, 12 professional) Wallace never had a losing season, with his worst season being a 10-6 finish with the 49ers in 1991. He made a career of protecting the blind side of one of the greatest players in football history, Joe Montana. Wallace became an NFL pioneer by becoming the first lineman to earn a lucrative contract. Wallace earned the recognition of revolutionizing the left tackle position by having the ability to face such legends like Lawrence Taylor, Richard Dent, and Chris Doleman,etc. in one-on-one competition.
Wallace's charity, The Steve Wallace Foundation for Everyday Championship a non-profit organization 501C-3. Their mission is Working on educating and rebuilding youth self-esteem, character, knowledge in rural, urban or under privilege areas. The focus has been for the betterment of kids by providing the motivational component for kids to achieve and have focus in life.