Walter Plunkett was born to James and Frances Plunkett, in Oakland, California. He studied law at the University of Califonia, but was hardly as interested in becoming an attourney as he was in his involvement with the campus' theatrical group. Making the quick change in careers, Walter moved to New York in 1923, where he began work as an actor, as well as a costume and set designer, on the stage.

He drifted through the gay circles of Greenwich Village and was refered to Hollywood. He moved back to California, this time to the movie capitol, and found work as an extra. He can be spotted dancing with Irene, another future top designer, in von Stroheim's The Merry Widow. In 1927, Walter's first (credited) work as a costume designer first apeared on screen.

Durring the late twenties and early thirties, while working at RKO, Plunkett managed to fashion the enormous costume and wardrobe department into a department that was both efficient and creative. With so much free reign, Walter set about creating outstanding costumes that rivaled the work of his contemporaries, such as Travis Banton and Adrian.

His two best-known films were probably Gone with the Wind (including that dress made from green velvet drapes), and Singin' in the Rain, in which he lampooned the very style his work had begun in (the roaring 20s). Walter was well-liked by most people for his generous and easy-going nature, as well as his inventiveness and engenuity.

Walter retired from films and spent the last years of his life with his partner Lee. He died in Santa Monica, California, leaving Lee his estate.