Walnut Shade is an unincorporated community in Taney County, Missouri, United States. It is about six miles northwest of Forsyth on U.S. Route 160. The town sits at the confluence of Bull Creek and Bear Creek. Walnut Shade is part of the Branson, Missouri Micropolitan Statistical Area.A post office called Walnut Shade has been in operation since 1860. The community once had Walnut Shade Schoolhouse, now defunct. The name "Walnut Shade" is commendatory.Bonniebrook Homestead was listed on the National Register of Historic Places in 1997.