On January 4, 1847, Samuel Colt receives a contract for 1,000 Model 1847 revolvers. Colt, seeking input for improving existing "Paterson" design and possibly an endorsement to boost sales, contacted Army officer & Texas Ranger Samuel Walker. Walker and the Texas Rangers had previously issued the Colt Paterson and came to appreciated the greater firepower of the 5-shot revolver when compared to their previous single-shot pistols. However, Walker had some suggestions for improvement. First, he wanted the weapon to be powerful enough to fell a man or horse with one shot and thus recommended a .44 caliber bullet (the Paterson used a .36 caliber bullet) and a greater powder charge. He also wanted the revolver to hold six shots rather than five, be easier to reload (the Paterson practically had to be disassembled in order to be reloaded). With these changes in mind, Colt improved his revolver design and successfully convinced the US government to purchase 1,000 of them. He also persuaded Eli Whitney, Jr. to assist in manufacture and used interchangeable parts in an early example of mass production.

A total of 1,100 Colt Walkers were produced over the course of its production run. While the weapon gained quite a legacy for its service with the Texans, it did have its own problems including cylinder rupture due to overpressure (while each chamber could hold 60 grains of powder, only 50 grains was recommended for use) as well as a weak catch for the loading rod which would allow it to fall down while firing. Despite this, the Walker revived Colt's venture in firearms and led to subsequent designs such as the Dragoon. Colt's Manufacturing continues to produce firearms to this day.