The first name Wally is female and male.
Wally is a diminutive of the names Wallace and Walter. In some countries, Wally is a girl’s name, as a short form of e.g. Valerie, Valentine or Walburga.
Wally for boys means “ruler of the army” (from Walter) and “Welsh” or “foreigner” (from Wallace). Wally for girls means “health”, “strength” (from Valentine and Valerie) and “ruler of the fortress” (from Waltraud).