Traveling waves (TWs) in the brain are a form of neural synchrony. They have been observed across various regions, including the visual cortex and hippocampus, during both spontaneous and task-related activities. These waves are believed to play crucial roles in cognitive processes such as sensory perception and working memory. However, most identified TWs propagate along the cortical surface, leaving it unclear whether they also travel through the depth of the cortex. We address this gap by analyzing laminar TWs of macaque visual areas V1 and V4. We analyzed neural activities recorded from multichannel electrodes in awake macaques under both non-stimulated and visually stimulated conditions. TWs were identified by analyzing the spatial-temporal coherence of local field potential (LFP). We observed that TWs are present during both non-stimulated and stimulated conditions, propagating both upward (white matter to pia) and downward (pia to white matter) through the cortical depth. TWs switched direction following visual response. Faster TWs dominated visual responsive periods, while slower TWs were more prevalent during spontaneous and pre-response periods. Moreover, we found that TWs modulate cortical excitability. Notably, across both non-stimulated and visually stimulated conditions and in both visual areas, slower TWs were linked to decreased excitability, while faster TWs were linked with increased excitability, suggesting a functional relationship between wave velocity and neural responsiveness. To determine if the identified TWs reflect propagating neural activity, we analyzed TW patterns in the current source density (CSD) signal. Despite the inherent noisier nature of instantaneous CSD signals, we detected robust TWs even during the dark condition, indicating real current sources and sinks of neural activity propagating across the cortical depth. This evidence, combined with findings from LFP, suggests that traveling waves of activity exist along the laminar direction in the macaque visual cortex and serve to sculpt neural excitability.