Improving children's health and well-being is an important issue for promoting a healthy future population. However, there is a lot of variation when we look at health outcomes for children by several socio-economic factors such as family income, mother's education level and age, and racial background. One of the reasons behind poor health outcomes for children in the US has been the lack of paid parental leave policies that allow new parents to properly bond with a newborn baby. To test this, I use California's Paid Family Leave policy as a natural experiment to investigate the impact of paid parental leave on breastfeeding duration, on-time vaccination, and infant mortality rate in California. The first two chapters deal with two specific types of parental investments (breastfeeding and on-time vaccination) in the early stages of an infant's life. My third chapter looks at how infant mortality rate is affected by paid parental leave. I use data from the National Immunization Survey and National Center for Health Statistics (NCHS) Vital Statistics to answer my research question. Using difference-in-difference estimation technique, I find evidence suggesting that California's Paid Family Leave mandate increased breastfeeding duration, reduced late vaccination of infants, and reduced average infant mortality rate in California following the implementation of the policy in 2004. I also find strong evidence suggesting that the policy had a stronger effect on families that are below the poverty line in terms of increasing breastfeeding duration and reducing late vaccination. My results survive a series of robustness checks and placebo tests.