Wialki was originally a siding on the Burakin to Bonnie Rockrailway extension planned to pass through the area in 1929; the district surveyor suggested the station should be named Datjoin but the Railway department chose the name Wialki after the Aboriginal name of a nearby soak. The station was named in 1930 and the townsite was gazetted in 1933.[2]
The surrounding areas produce wheat and other cereal crops. A second bulk wheat bin was constructed in town in 1940 just as the first bulk bin was filled.[3] The town is a receival site for Cooperative Bulk Handling.[4]