The Three Lions crashed out on Sunday night after Italy beat them 4-2 in a penalty shoot-out following a goalless 120 minutes largely dominated by the Azzurri.
Ashley Young and Ashley Cole both failed from spot but Walcott has backed his team-mates to bounce back from the disappointment.
While saddened by the manner of England's exit, the 23-year-old Arsenal man believes his side should feel positive looking to the future.
"It's a very cruel way to go out in any competition but someone was going to go out and luck did not go our way," said Walcott.
"The two Ashleys are strong enough lads to come back from this and the lads will be with them.
"They are two of the most experienced players in that dressing room and they will bounce back from this even better players.
"I do not worry about that at all.
"We have got to look forward to the future. It is going to be bright, I am sure of that.
"The World Cup qualifiers are going to be tough. We have to learn some lessons as that is important for the young players - me being one of them."
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.