Franziska Wallner-Hollinek was born in Vienna. She received her education at the Ballet School of the Austrian Federal Theatres as well as at the Royal Ballet School and at the National Hungarian Institute of Ballet. In 1995 she joined the Vienna State Opera Ballet. From 2000 to 2002 she was a member of the Royal Danish Ballet, after that she returned to Vienna State Opera Ballet. In 2011 she was appointed demi-soloist of the Vienna State Ballet. In 2018 she retired as a dancer, but occasionally appears as a guest, such as in the 2021/22 season as the Amme in John Cranko's »Onegin« and Berthe in Elena Tchernichova's »Giselle«. In addition, she has been working in the administration of the Vienna State Ballet since the 2018/19 season.
Her most important roles in her dancing career include Berthe in Elena Tschernischova's »Giselle«, Countess Capulet and Gipsy in John Cranko's »Romeo and Juliet«, Amme in Cranko's »Onegin«, Åse, Peer Gynts mother, in Edward Clug's »Peer Gynt«, Carlotta in Renato Zanella's »Kadettenball«, Kitri's friend and gipsy in Rudolf Nureyev's »Don Quixote«, Noblewoman, Polish and Hungarian Dance (soloist) in Nureyev's »Swan Lake«, Mother and Russian Dance in Nureyev's »The Nutcracker«, Grand Pas in Vladimir Malakhov's »La Bayadère«, Fairy of Vivacity and Pas de quatre in Peter Wright's »Sleeping Beauty«, Lise's friend in Frederick Ashton's »La Fille mal gardée«, Phebe in John Neumeier's »As you like it«, Ms Stahlbaum in Gyula Harangozó's »The Nutcracker«, Spain in Renato Zanella's »The Nutcracker«, Summer in Zanella's »Cinderella«, Pemba in Zanella's »Spartacus«, Hungarian in Josef Hassreiter's »Die Puppenfee«, Pas de Forbans in Manuel Legris’ »Le Corsaire«, Maid in Frederick Ashton's »Marguerite and Armand« and parts in Léonide Massine's »The Tricorn«, George Balanchine's »Serenade«, »La Valse«, »Themes and Variations«, »Rubies«, »Symphony in C« et al., Serge Lifar's »Suite en blanc«, Renato Zanella's »Empty Place« and »Alles Walzer«, Jerome Robbins’ »The Concert« and »The Four Seasons«, John Neumeier's »Bach Suite III«, »Le Pavillon d’Armide« and »Verklungene Feste«, Jiří Kylián's »Six Dances«, William Forsythe's »The Vertiginous Thrill of Exactitude«, Jean-Christophe Maillot's »Vers un Pays Sage«, Stephan Thoss’ »Blaubarts Geheimnis«, Alexander Ekman's »Cacti« and Edwaard Liang's »Murmuration«. Furthermore, she created roles in Ivan Cavallari's »Tchaikovsky Impressions« and Andrey Kaydanovskiy's »The Firebird«.
For the serial »Young Choreographers« in 1999 she created her first choreography »Der Weg ist das Ziel«. Another choreography was created in Copenhagen.