Walsall's greatest hour came in January 1933 when they beat the great Arsenal side of that period in the FA Cup. In more recent years the club came within minutes of reaching Wembley Stadium, losing 4-2 on aggregate to the mighty Liverpool in 1984. This run involved another famous victory over Arsenal, this time at Highbury, and culminated with a spirited 2-2 draw at Anfield, prior the 2-0 loss in the second leg.

The true Golden Age of the Club lies in the late 1950s and early 1960s. Under the management of Bill Moore, the club stormed from the lower reaches of the bottom of the league table to the mid-table of the Second Division in the space of three seasons. Club legends such as Bill 'Chopper' Guttridge, Tony Richards and Colin Taylor were intrinsically important to the success of the side.