This 2025 edition of the Demographic Observatory offers an in-depth and updated analysis of historical and recent fertility trends in Latin America and the Caribbean, with a special focus on the phenomenon of low fertility. Since 2015, the total fertility rate has remained below the replacement level and currently stands at 1.8 children per woman in Latin America and just 1.5 children per woman in the Caribbean. Drawing on various demographic sources and supported by the latest scientific literature, this publication seeks to provide information on the current situation in the countries and territories of the region with regard to fertility levels and rates of decline and their determinants. It also identifies the main regional and socioeconomic inequalities associated with reproductive behaviour, as well as the factors underlying the changes observed. The document also addresses the challenges posed by this new scenario from a public policy perspective, examining family programmes and policies implemented in low fertility contexts and the main international and regional regulatory frameworks that support them.