Wallace's funeral was held at the National Temple Baptist Church.
Police shot and killed Wallace in West Philadelphia on Oct. 26 when he waved a knife at officers in the middle of the street.
Wallace's family allowed the public to see what happened when the officers responded after multiple 911 calls to their home.
Bodycam footage and 911 calls were released earlier in the week.
This is the first time in the Philadelphia Police Department's history that bodycam video has been released to the public.
WATCH: Philadelphia mayor, police commissioner speak about bodycam video in Walter Wallace Jr. shooting
Wallace had a knife in his hand and officers told him to drop the weapon at least 11 times. The officers had their guns drawn, and over audio from the body cameras footage you hear, "shoot him."
The officers fired a total of 14 shots. Wallace dropped to the ground and his mother ran to him.
WATCH: Bodycam video released in Walter Wallace Jr. shooting
His family hoped this would allow the city to begin healing.
Wallace's family wants this to lead to police reform as well so incidents like this don't happen again.
On Friday, the family and their attorney announced they do not want murder charges brought against the officers involved.
"It's not about charging folks, this is about a systemic change, and shifting policy, and making reform so that there's not another Walter Wallace ever again in this city," said Shaka Johnson, the Wallace family's attorney.
Johnson is calling for reform and trained mental health professionals to be called to scenes to help people battling mental health issues like Wallace.
They are leaving charges up to the District Attorney's Office.