Sand over the chipped area with a sanding block in a fine grit. This will smooth out the area and prepare the surface for the paint. Remove any sharp edges from the chipped paint or any peeling paint that may be present.
Wipe down the sanded area with a tack cloth to remove any dust. This dust will interfere with the adhesion process of the paint. If you have a large area, you may need to use a vacuum to help collect all the dust.
Apply a base coat of color matched paint. Feather out your edges a little from the repair area to help blend in the fix.
Texture the wall to match the remainder. If you used a spray texture before, apply a small amount to this area and gradually build it up until it matches the rest of the wall. If you sponged or ragged on a texture, try to match your pattern from before and sponge or rag rub the texture onto the paint.