It warned cuts to children centres, health visiting and services to support parents had left families vulnerable.
Nearly a third of children are not “school ready” by the time they reach five, because they have not developed the necessary skills and behaviours.
The cross-party group wants the government to pay for extra contact with health visitors beyond the age of two-and-a-half.
The MPs pointed to the approach taken elsewhere in the UK.
Scotland, Wales and Northern Ireland all fund more than the minimum of five visits provided in England.
The Flying Start programme in Wales provides intensive support for the most disadvantaged families. The report particularly praised this programme.
But the MPs also said there needed to be better support to tackle problems such as substance misuse, mental health problems and domestic abuse among parents.
More than one million under-fives live in households with a history of domestic abuse, nearly two million have parents who struggle with mental health and 600,000 with drug and alcohol problems.
Adverse experiences in childhood increase the chances of poor health and development later in life.
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