Walters made his AFL debut for Fremantle in Round 11 of the 2009 AFL season against Port Adelaide and kicked a goal in his debut match.

In 2013 Walters had his best season to date, kicking 46 goals from 21 games, was named in the initial All Australian 40-man squad and won his first Fremantle leading goal-kicker award.

In 2015, he had another consistent goal-kicking season, which saw him kick 44 goals across 22 games, winning his second Fremantle leading goal-kicker award.

In the 2017 season, his standout performance came in Round 15, at Subiaco Oval against St Kilda, where he collected a team-high 32 disposals and kicked 6 goals, and he became a member of Fremantle’s leadership group in 2017.

In 2018, Walters averaged a career-high 19.8 disposals per game and won Fremantle’s leading goal-kicker award with 22 goals from 18 games. He was a finalist for Mark of the Year, where he was nominated for his high-flying mark on Jeremy McGovern, against the West Coast Eagles in Round 20.

Walters started 2019 in blazing fashion, averaging career-high figures and was awarded the maximum 10 in the AFLCA votes for his performance. Walters received his first All-Australian selection named in the 2019 All-Australian team as a half forward.

The 2022 AFL season saw Walters make his return as a forward after spending time in the midfield in recent seasons. Walters played his 200th game during Fremantle’s round 23 clash against GWS, he played a pivotal role kicking three goals in Fremantle’s 20 point win. Walters played a crucial role in Fremantle’s elimination final victory over the Western Bulldogs at Perth Stadium kicking three goals.

In June 2023, it was announced that Walters had signed on for two more years at the Dockers, alongside fellow Fremantle veteran Nat Fyfe.

Walters kicked his 350th goal in round two of the 2024 AFL season against North Melbourne at Marvel Stadium.

Prior to the 2025 AFL season, Walters was one of the first players announced for the return of the Indigenous All-Stars, set to face Walters’ Dockers in February 2025. Later, Walters was announced to be the captain of the squad. 

On 3 July 2025, with no matches played in 2025, Walters announced his retirement from the AFL after 239 games and 365 goals over 16 seasons for the Dockers. The following week to celebrate his retirement, he was given a lap of honour during the half-time break of Fremantle’s Round 18 home game against Hawthorn at Optus Stadium.