Drywall is probably the most commonly used material in today's home construction.  It's quite sturdy but a door flung open with too much force or a puncture in the wall from where a too-heavy frame used to hang can easily leave your walls looking drabby. 

Luckily, patching holes is pretty straight forward and handyman Frank Di Leo showed us how on S&C.  Read below for his step by step instructions for both small and large holes.



SMALL HOLE IN WALL (less than 1 inch)

1.  Prep the surface.
Use a putty knife to scrape away any loose or jagged edges around the hole so there isn't any material protruding from the surface of the wall.

2.  Fill the hole with drywall compound.
With a wide putty knife, apply the first coat of drywall compound.  Make sure the layer is no more than 1/8-inch thick. Scrape the surface smooth with the putty knife and allow to dry overnight. If needed, add a second coat of compound following the same technique.

3.  Sand it smooth.
Once the patch is completely dry, lightly sand it smooth with fine sandpaper so it's flush with the surface of the wall. The surface is now ready to prime and paint.



BIGGER HOLE IN WALL

1. Cut a square piece of Drywall (scraps can be found at local building store) slightly larger than the hole. Enlarge the hole so this patch will fit by placing the piece over the hole, tracing its outline, and cutting the wall along your marks with a utility knife.

2. Cut one piece of small scrap wood a few inches longer than the width of the hole -- this will be the backing for the patch. Put one piece of wood in the hole, hooking it with your fingers to hold it flat against the back of the existing wall. With drywall screws, screw each end through the drywall into the wood.

3. Lay the Drywall piece in the opening and screw it to the wood. Cover the seams with mesh dry-wall tape. Apply a first coat of joint compound (like Spackle) with a putty knife over the mesh. For a smooth finish, apply thin, wide coats, not one thick layer. Let dry overnight. Apply two more coats, and let each dry overnight, sanding smooth between applications. Prime and paint to match the wall.




http://www.cbc.ca/stevenandchris/2010/09/comment-to-win-how-to-fix-a-hole-in-your-wall.html