As the son of an Vereinswart (?) of 1. FC Kaiserslautern, Walter began his football career early. At age 8, he joined the Kaiserslautern youth academy, and he made his first team debut at just 17, where he would faithfully remain througohout his career.
Walter debuted with the national team in 1941, under Sepp Herberger. Walter was drafted into the armed forces in 1942, however, and remained in the army until the end of World War II in 1945. Upon his return from the army, Walter again played for Kaiserslautern, leading them to German championships in 1951 and 1953. He returned to the national team in 1951, and was named the captain.
He was captain of the West German team that won the World Cup in 1954. Walter received his last cap in 1958, and retired from football in 1959.
Fritz's brother Ottmar Walter played with him on the 1954 West German team that won the World Cup.