Wall underwent surgery on his left knee to remove calcium deposits. He also had an arthroscopic procedure on his right knee to clean out loose bodies.
Wall had issues with both knees over the second half of last season. The surgery was performed in Cleveland by Dr. Richard D. Parker.
"John's procedure went very well and should allow him to play without pain once he has completed his rehabilitation," Parker said in a statement. "We have worked closely with the Wizards' medical and athletic training staff throughout this process to develop the plan he will need to follow this summer in order to resume his normal basketball activities."
Wall, 25, averaged 19.9 points and 10.2 assists last season with 49 double-doubles in 77 games.
The timing of the surgeries figures to knock him out of the Olympics. Wall is one of 30 finalists for the team.
"I am determined to lead this team back to the playoffs and getting healthy is the best way for me to accomplish that," Wall said in a statement. "I can promise the fans, my teammates and the organization that I will be focused on that goal throughout the summer and it will drive me to do everything I can to be ready for next season."
Wizards general manager Ernie Grunfeld said Wall's long-term health was a factor in the procedures as well as having him ready for next season.
"John has been a true warrior for us throughout his career and we're confident that his work ethic will have him back leading the team as soon as possible," Grunfeld said in a statement.