Malnutrition and Anemia in children continue to be major public health challenges in most developing countries, particularly in Africa. Malnutrition and Anemia pervade all aspects of their health, growth, cognitive and social development. They lead to irreversible and lifelong effects that prevent children from realising their full potential. This study was designed to examine the prevalence and determinants of malnutrition and anemia in children under 5 years of age in the Ghanaian population. This research is based on data from the Ghana Demographic and Health Survey (GDHS) 2008, obtained from the Ghana Statistical Service (GSS). The survey is an extensive survey conducted using a stratified, two-stage cluster sampling design. The GDHS data contains a wealth of information on health, demographic, as well as socio-economic factors but is underutilised due to the complexity of the survey data. This study therefore stands out as one of the few that use the GDHS to investigate aspects of child health in Ghana. In this study, we perform subgroup analysis by disaggregating the data by age and gender specific subgroups and then by place of residence and region. This was in order to identify sub level estimates as national estimates have a high tendency of concealing true values and deviations from general trends. Also, subgroup analysis is very significant especially for resource allocation so as to minimize the likelihood of missing the target populations. We investigated associations between the three measurements of malnutrition; stunting, underweight and wasting and anemia (assessed by haemoglobin concentration) and the various risk factors using chi-square test to examine bivariate associations and chi-square trend test to examine linear trends in association. We identified the following variables to be significantly associated with all forms of malnutrition and/or anemia: age of child, mother’s education, financial status and place of residence. Other factors that were identified to be associated with some form of malnutrition and/or anemia include duration of breastfeeding, source of drinking water, mother’s occupation and currently breastfeeding. In view of the high rate of malnutrition, approximately 36% (33.6-37.6) and the alarming prevalence of anemia, 78% (76.7 - 80.2) in children in Ghana, particularly among those less than 2 years old, and the grave consequences on their cognitive and behavioral development even in later years, there is an urgent need for effective and efficient public health interventions.