Wall was selected with the first pick by the Washington Wizards, who won the draft lottery after posting a 26-56 record during the 2009-10 season.
During his freshman season with the Wildcats, the 6-4 Wall averaged 16.6 points, 4.3 rebounds and 6.5 assists per game. He carried his team into the Elite Eight of the NCAA Tournament before Kentucky lost to West Virginia.
"I feel like I had pressure since I became No. 1 in high school and was one of the top players," Wall said. "I always got there hungry wanting to fight hard and compete in every game so when I step on the court I'm going to take on any challenge there."
Not only did the Wizards struggle on the court last season, they received unwanted headlines when Gilbert Arenas was suspended for bringing guns into the Verizon Center locker room.
"We both have a chance to reach our dreams," Wall said of Arenas.
Ohio State guard Evan Turner was selected second by the Philadelphia 76ers, who will be coached next season by Doug Collins. Turner missed a month last year after taking a hard fall.
New Jersey, losers of 70 games last season, took Georgia Tech forward Derrick Favors with the third pick and forward Wesley Johnson from Syracuse went fourth to the Minnesota Timberwolves.
Minnesota had five picks in the draft.
The remainder of the first 10 selections were Kentucky center DeMarcus Cousins (to Sacramento), Baylor forward Ekpe Udoh (to Golden State), Georgetown forward Greg Montoe (to Detroit), Wake Forest forward Al-Farouq Aminu (to the Los Angeles Clippers), Butler forward Gordon Hayward (to Utah) and Fresno State forward Paul George (to Indiana).