Recommended:

Use brew: brew install valgrind

Manual Install:

Here’s what worked on my Mac (10.6). Double-check you have the latest version, then change into the uncompressed directory

cd /users/(insert username here)/downloads/valgrind-3.17.0

I suggest you do as another posted and read the readme.

nano README

Commence the build; /usr/local is the place on the filesystem that the program will be installed to. There are many arguments like prefix that are available to customize the installation to your particular system if it doesn’t work by default. Normally just using ./configure works perfectly well though.

./configure --prefix=/usr/local

make

sudo make install

Or you could probably get it from fink or macports or homebrew.