Born in Ogden, Utah Territory, Browning graduated from Ogden High School in 1913 and later studied law and engineering at Cornell University.
In 1920, he became the manager of the manufacturing of John Browning guns in Liege, Belgium, and served as his father's personal representative to the Fabrique Nationale de Herstal company. Upon his father's death in 1926, Browning had the responsibility of completing the projects that were not finished by his father, including the Browning Superposed shotgun and the Browning Hi-Power pistol (GP-35) (the latter in cooperation with his father's Belgian assistant, Dieudonné Saive). In 1924, Browning married Ann Chaffin (1901–1975) of Farmington, Utah and they had four children.
They lived in Belgium until 1935 when Browning returned to Utah as President of Browning Arms Company. Browning received 48 gun patents during his career, compared to his father John Browning's 128 American gun patents. In 1955, Val Browning was awarded Knighthood in the Order of Léopold by King Baudouin of Belgium for an "outstanding contribution to the Gun Making Art;" an honor that had been bestowed upon his father in 1914.
Browning spent his career representing business interests in the United States and Europe. In addition to chairing Browning Arms, he served as director of the First Security Corporation, Utah International, Amalgamated Sugar Company, and the Mountain Fuel Supply Company. Through the 1940s purchase of some of the shares of W. L. Wattis of his founding shares in Utah Construction Company, Browning shared in the substantial gains in the sale of Utah International.
Browning was a benefactor of the Dixie State University and Weber State University and his donation of his substantial collection of European fine art formed the basis of the Utah Museum of Fine Arts masterwork paintings. Browning died in 1994.