Childhood death rates have halved since 1990 but an estimated 6.6 million children under the age of five died last year, the U.N. children's agency said.
Nearly half of all children who die are in five countries: Nigeria, Congo, India, Pakistan and China, it said in a report.
"Progress can and must be made," said Anthony Lake, UNICEF's executive director.
"When concerted action, sound strategies, adequate resources and strong political will are harnessed in support of child and maternal survival, dramatic reductions in child mortality aren't just feasible, they are morally imperative."
The top killers are malaria, pneumonia and diarrhea, the report said, taking the lives of about 6,000 children under five-years-old daily. A lack of nutrition contributes to almost half of these deaths, the U.N. said.