Like other Nordic countries Norway has been investing heavily in family policy to enable combining work and family life. Nevertheless, between 2009 and 2022 the Total Fertility Rate (TFR) in Norway dropped from 2 children to 1.4 children per woman. What is happening, and why? Can Norwegian parents still reconcile work and family commitments? What role do demographic trends play for the future of the Norwegian society? Should we worry? These are some of the questions that this study addresses. It illustrates various aspects of fertility trends, as well as changes in the Norwegian labour market as well as in Norway’s comprehensive system of public family support. The study also looks at social attitudes and how these might be affecting family formation and fertility trends. The final chapter projects demographic, economic, fiscal and social outcomes under different fertility trend scenarios.