Prince Harry and Meghan Markle have announced the birth of their second child and the new baby's name is a nod to both Princess Diana and the queen.

On Sunday, June 6, a statement from the royal couple read; "It is with great joy that Prince Harry and Meghan, The Duke and Duchess of Sussex, welcome their daughter, Lilibet 'Lili' Diana Mountbatten-Windsor, to the world."

The baby was born on Friday, June 4, at the Santa Barbara Cottage Hospital in California.

According to the note from the couple, baby Lilibet weighs 7 lbs 11 oz and is healthy, well and "settling in at home."

The unique name is a tribute to Queen Elizabeth II, whose family nickname is Lilibet, Meghan and Harry explained.

"Her middle name, Diana, was chosen to honor her beloved late grandmother, The Princess of Wales," they added.

The message concluded, "She is more than we could have ever imagined, and we remain grateful for the love and prayers we've felt from across the globe."