Walsh is active in charity work and has performed in a number of concerts to raise money for charitable causes. He has also been a personal contributor to a number of charity causes including halfway houses for displaced adult women in Wichita, Kansas. Walsh funded the first talent-based scholarship at Kent State University in 2008.  Walsh's love of Santa Cruz Island grew into a lifelong commitment to conserve the environment there, and he has been active in preserving the island's parks. He is President of the Santa Cruz Island Foundation, and has served on the Foundation's board since the 1980s.  Walsh had often joked about running for office, announcing a mock presidential campaign in 1980 and a vice presidential campaign in 1992. Walsh ran for President of the United States in 1980, promising to make "Life's Been Good" the new national anthem if he won, and ran on a platform of "Free Gas For Everyone". Though Walsh was only 32 at the time of the election and thus would not have met the 35-year-old requirement to actually assume office, he said that he wanted to raise public awareness of the election. In 1992 Walsh ran for vice president with Rev. Goat Carson under the slogan "We Want Our Money Back!"  In an interview to promote his album Analog Man in 2012, Walsh revealed he was considering a serious bid for political office. "I think I would run seriously, and I think I would run for Congress," Walsh told WASH in Washington, D.C. "The root of the problem is that Congress is so dysfunctional. We're dead in the water until Congress gets to work and passes some new legislation to change things."  In 2017, Walsh contacted others in the music industry Zac Brown Band, Gary Clark Jr., Keith Urban to try to organize and perform what became VetsAid  - a concert series along the lines of the Farm Aid program spearheaded by country entertainer Willie Nelson.

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