The 89-year-old said his condition was "mild" and that the cancer is very treatable.
Here is some more information on the illness:
What is the lymphatic system?
The lymphatic system is one of the body's natural defences against infection and also acts as a one-way drainage system transporting fluid from body tissues into the blood circulation.
The system is made up of lymph nodes which are found mainly in the neck, armpits, groin and abdomen.
What is Lymphoma?
Lymphoma is a cancer which starts in cells, the lymph nodes, and other tissues of the lymphatic system.
There are two types of cancer which can start in the lymph nodes - Hodgkin lymphoma and Non-Hodgkin lymphoma.
What are the differences between the two?
The main difference between the two is the presence of a specific type of abnormal cell called a Reed Sternberg cell in Hodgkin's lymphoma.
The distinction is important as the outcomes and treatment for each type can be very different.
Former BBC Formula One presenter Jake Humphrey has wished Murray Walker well after the commentator revealed he has been diagnosed with cancer.
Humphrey tweeted, "Get Well Murray Walker! How about you all RT [retweet] this and I'll email him tonight to tell him how much support is out there?"
Just 30 minutes later he wrote, "I just emailed Murray to tell him how over 5,000 of you RTed [retweeted] my message in under an hour. I'll keep you all posted .... #GetWellSoonMurray".
Former Formula One commentator Murray Walker has been diagnosed with cancer.
The 89 year old told the BBC that he had been diagnosed with a form of lymphatic system cancer, but said that the condition was treatable.
"They've caught it incredibly early. It's treatable, the doctors say my condition is mild and I'm very hopeful", Walker said.
Walker, who was diagnosed with the illness during tests after breaking his pelvis in a fall last month, will undergo chemotherapy over the next few months.
His distinctive commentating style became synonymous with motor racing as he covered the sport for more than half a century, before his retirement in 2001.