The 88-year-old journalist, who is retiring from news program 60 Minutes, made the admission while being interviewed for a career retrospective airing on Sunday.
Wallace has openly talked about his problems with depression in the past, but has never admitted attempting suicide.
When his 60 Minutes colleague Morley Safer questioned him about it during the interview, he confessed he tried it once.
He said, "I don't know why the hell you asked me that question, because other people have. It's the first time I have answered it honestly."
Wallace then went on to relate the circumstances behind the attempt, but claims the last 20 years since "have been the best in my life."
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