This study aimed to examine the association between the typology of child and family welfare policies, which were based on the level of public expenditures and the balance of cash and in-kind benefits, and child well-being among OECD countries. Based on the findings, this study suggests implications to improve welfare benefits according to the level of child and family welfare expenditures and to discuss the necessity of balancing benefits for improved child well-being. The analytic sample was composed of 24 OECD countries. The data included multiple indicators for family welfare expenditures, a child deficiency index, and satisfaction of child life, all of which were collected from multiple external sources, including OECD, UNICEF, and KIHASA. Four types of child and family welfare policies were created through a fuzzy-set analysis: (1) high levels of both welfare expenditures and balancing cash and in-kind benefits; (2) high levels of welfare expenditures but low levels of balancing benefits; (3) low levels of welfare expenditures but high levels of balancing benefits; and (4) low levels of both welfare expenditures and balancing benefits. Each of the two types with low levels of balancing benefits was further divided into two sub-groups according to whether the benefits were cash benefits or service-oriented benefits, yielding a total of six types of child and family welfare policies. The main findings are as follows. First, the type of child and family welfare policies with high levels of public expenditures showed high levels of objective child well-being. Second, both objective and subjective child well-being were high in the type with high levels of welfare expenditures and service-oriented benefits as well as in the type with low levels of welfare expenditures and cash-oriented benefits. Third, balancing cash and in-kind benefits was associated with high levels of subjective child well-being in a way that complements low levels of welfare expenditures. The specific strategies to improve child and family welfare benefits are as follows. First, the countries with low levels of welfare expenditures need to raise the levels of expenditure steadily to improve objective child well-being. Second, both objective and subjective child well-being could be improved by intensively providing service-oriented benefits in the countries with high levels of welfare expenditures and cash-oriented benefits in the countries with low levels of welfare expenditures. Finally, subjective child well-being could be improved by securing the balance of cash and in-kind benefits when it is difficult to raise the level of welfare expenditures in a short period of time.