Malone was born in Fredonia, Kansas. As a young man he moved to Reno, Nevada and worked as a civil and hydraulic engineer there while attending the University of Nevada, Reno. He graduated from college in 1917, and, when the United States entered World War I he enlisted in the military. At first he served in the artillery but he eventually became a regimental intelligence officer and served in England and France until 1919.

Malone then returned to work in engineering. He served as the state engineer of Nevada from 1927 to 1935.

Malone entered politics in 1934 when he made his first attempt to be elected to the United States Senate from Nevada. He was defeated by the Democratic incumbent Key Pittman, receiving 33f the vote. During World War II Malone worked for the United States Senate as an engineering consultant on war materials. Malone ran again for a seat in the United States Senate in 1944, this time against Democratic incumbent Pat McCarran. Malone was defeated again, receiving 41f the vote.

Malone successfully campaigned for a seat in the Senate in 1946, a very good year for the Republicans. He defeated the Democratic candidate, former senator Berkeley L. Bunker receiving 55f the vote. Malone was reelected to the Senate in 1952, receiving 51f the vote. He was defeated for reelection in 1958 by Democrat Howard W. Cannon receiving 42f the vote. He served in the Senate from 1947 to 1959 and was known as a right-wing senator.

Malone continued to live in Washington, D.C. until his death, working as an engineering consultant. He made a final political campaign in 1960, for a seat in the United States House of Representatives from Nevada, but was defeated. Malone is buried in Arlington National Cemetery.