Reid was born in St. Louis, Missouri, into a show Business family. His mother, Bertha Westbrook (1868–1939), was an Actress and his father, James Halleck "Hal" Reid (1862–1920), worked successfully in a variety of theatrical jobs, mainly as Playwright and actor, traveling the country. As a boy, Wallace Reid was performing on stage at an early age, but acting was put on hold while he obtained an education at Freehold Military School in Freehold Township, New Jersey. Reid graduated from Perkiomen Seminary in Pennsburg, Pennsylvania, in 1909. A gifted all-around athlete, Reid participated in a number of Sports while also following an interest in music, learning to play the piano, banjo, drums, and violin. As a teenager, he spent time in Wyoming, where he learned to be an outdoorsman.