Tom's eldest son Colin Hanks and his wife of nine months Samantha Bryant welcomed their first child on Tuesday.
Samantha gave birth to a girl named Olivia Jane.
A source close to the 33-year-old actor told People magazine: "The family is home and everyone's happy and healthy."
Colin and Samantha's new arrival could give Toy Story 3 star Tom the perfect excuse to dig out his most treasured toys, as he recently admitted he still loves playing with his kids' miniature cars and planes.
Tom said: "I play with toys all the time. I play with the little goofy things my kids still have like cars and planes and I hold them up and imagine the same stories I did when I was a kid.
"My own toys weren't collectibles - they went through hard use so any toy I had was eventually pounded out of existence or they broke. They went the best way any toys can - they were played with out of existence."
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