Waller studied at Ampleforth College, Ravensbourne College of Design and Communication, and the Northern Film School in Leeds, England. Immediately upon graduating he founded production company De Warrenne Pictures Ltd. and secured funding to begin production on the film Monk Dawson, his directorial debut, a story based on an award-winning novel by Piers Paul Read. It was released in 1998 to critical success. He went on to produce the films Eviction (1999), Butterfly Man (2002), Ghost of Mae Nak (2005), The Elephant King (2006) and Soi Cowboy (2008) which was selected in Un Certain Regard at the Cannes Film Festival. His second directorial feature was Mindfulness and Murder (2010), a Thai language murder mystery based on the novel of the same name by Nick Wilgus, which was nominated for five Thailand National Film Association Awards (Subhanahongsa Awards) including for Best Director, Best Screenplay and Best Film.
Waller has also served as producer on three feature titles for the US studio Millennium Films; The Prince and Me 4: The Elephant Adventure (2010), Elephant White (2011) directed by Prachya Pinkaew starring Djimon Hounsou and Kevin Bacon, as well as Ninja 2 (2013) directed by Isaac Florentine.
His father is Jocelyn Severyn de Warrenne Waller, and mother is Nilawan Charmornman (Proprietor and managing director of P.K. Northern Export Company, Ltd.) His brother, Edward de Warrenne Waller, was killed in the 2002 Bali bombing. He has two sons, Alexander Jocelyn de Warrenne Waller, who was born on 3 October 2004 and William Edward de Warrenne Waller who was born on 29 May 2007.