Mr Wallace, 52, joins the club bringing a wealth of experience in international management and executive roles, including four years at Manchester City, most recently serving as Chief Operating Officer at the 2011/12 English Premier League champions.
Prior to joining Manchester City, Graham's career included three years as Chief Financial Officer for IMG's global media business, and prior to that, five years as Chief Financial Officer for MTV Networks Europe.
Dumfries born Graham will also join the Rangers International Football Club Plc board of directors as well as the board of Rangers Football Club Ltd. He will assume his role immediately.
David Somers, Chairman of Rangers Football Club, said: "I am absolutely delighted to welcome Graham to the role of Chief Executive of Rangers Football Club.
"Following an extensive recruitment process the Board interviewed several high calibre individuals and determined that Graham was by far the outstanding candidate for the position.
"His first class business and financial experience combined with his extensive knowledge of football operations at the highest levels of the game, will be of huge benefit to Rangers as we strive to take the Club forward in preparation for our return to the top of the Scottish game.
"Graham's appointment will also help provide the Club with further stability and leadership and we are certain that everyone connected with the Club will wish him every success as he embarks on the job ahead."
Graham Wallace, Chief Executive, said: "I am delighted to join Rangers Football Club as Chief Executive as the Club continues its journey back to the pinnacle of the game in Scotland and beyond.
"For more than 140 years, this Club has been recognised throughout world football and whilst the last few years have been distressing, there is no reason why Rangers cannot be even stronger than we once were before these challenges presented themselves.
"That strength will be built upon strong leadership of the Club and the continuing support of the fans. I watched from afar as the Rangers support came to the Club's aid during the times of turmoil and now it is the turn of the Board and management to provide the stability and governance to drive Rangers' recovery forward and ensure further football success. I am genuinely delighted to join this wonderful Club as we look to build a successful future."