Born in Helgøya, Norway, Balke studied at the Royal Drawing School in Christiania and later in Stockholm, Dresden, and Paris. His artistic development was significantly influenced by his travels through Northern Norway, which provided the primary inspiration for his evocative, moody landscapes.

Balke is best known for his distinctive style, which often utilized a limited palette and experimental brushwork to capture the turbulent light and weather of the North. His smaller, more intimate paintings are frequently cited for their almost abstract quality, setting them apart from the traditional romantic landscape painting of his era.

While he was largely overlooked for much of the 20th century, Balke has seen a significant resurgence in international recognition in recent decades. His works are now held in major institutional collections, and he is increasingly studied for his role in the development of Nordic landscape painting.