Background Internationally, a typical model of maternity care is a medically led system with varying levels of midwifery input. New Zealand has a midwife-led model of care, and there are movements in other countries to adopt such a system. There is a paucity of systemic evaluation that formally investigates safety-related outcomes in relationship to midwife-led care within an entire maternity service. The main objective of this study was to compare major adverse perinatal outcomes between midwife-led and medical-led maternity care in New Zealand. Methods and Findings This was a population-based retrospective cohort study. Participants were mother/baby pairs for all 244,047 singleton, term deliveries occurring between 1 January 2008 and 31 December 2012 in New Zealand in which no major fetal, neonatal, chromosomal or metabolic abnormality was identified and the mother was first registered with a midwife, obstetrician, or general practitioner as lead maternity carer. Main outcome measures were low Apgar score at five min, intrauterine hypoxia, birth-related asphyxia, neonatal encephalopathy, small for gestational age (as a negative control), and mortality outcomes (perinatal related mortality, stillbirth, and neonatal mortality). Logistic regression models were fitted, with crude and adjusted odds ratios (ORs) generated for each outcome for midwife-led versus medical-led care (based on lead maternity carer at first registration) with 95% confidence intervals. Fully adjusted models included age, ethnicity, deprivation, trimester of registration, parity, smoking, body mass index (BMI), and pre-existing diabetes and/or hypertension in the model. Of the 244,047 pregnancies included in the study, 223,385 (91.5%) were first registered with a midwife lead maternity carer, and 20,662 (8.5%) with a medical lead maternity carer. Adjusted ORs showed that medical-led births were associated with lower odds of an Apgar score of less than seven at 5 min (OR 0.52; 95% confidence interval 0.43–0.64), intrauterine hypoxia (OR 0.79; 0.62–1.02), birth-related asphyxia (OR 0.45; 0.32–0.62), and neonatal encephalopathy (OR 0.61; 0.38–0.97). No association was found between lead carer at first registration and being small for gestational age (SGA), which was included as a negative control (OR 1.00; 0.95–1.05). It was not possible to definitively determine whether one model of care was associated with fewer infant deaths, with ORs for the medical-led model compared with the midwife-led model being 0.80 (0.54–1.19) for perinatal related mortality, 0.86 (0.55–1.34) for stillbirth, and 0.62 (0.25–1.53) for neonatal mortality. Major limitations were related to the use of routine data in which some variables lacked detail; for example, we were unable to differentiate the midwife-led group into those who had received medical input during pregnancy and those who had not. Conclusions There is an unexplained excess of adverse events in midwife-led deliveries in New Zealand where midwives practice autonomously. The findings are of concern and demonstrate a need for further research that specifically investigates the reasons for the apparent excess of adverse outcomes in mothers with midwife-led care. These findings should be interpreted in the context of New Zealand’s internationally comparable birth outcomes and in the context of research that supports the many benefits of midwife-led care, such as greater patient satisfaction and lower intervention rates., In a retrospective study of routinely collected medical data, Ellie Wernham and colleagues compare adverse fetal and neonatal outcomes associated with midwife-led and medical-led models of care., Author Summary Why Was This Study Done? New Zealand adopted an autonomous midwife-led model of maternity care in 1990. There has never been a detailed review examining what effect, if any, midwife-led care has on adverse outcomes for unborn and newly born infants in the New Zealand setting. A review of the safety of New Zealand’s midwife-led maternity system is of relevance to other countries that are considering adopting this model of care. What Did the Researchers Do and Find? We examined data on all full-term births in which no serious abnormalities were detected in the baby that occurred in New Zealand over a 5-y period (total sample size 244,047). We compared rates of adverse outcomes for unborn and newly born infants among women who were in midwife-led versus medical-led care at first registration during antenatal care. Overall rates of adverse outcomes in the New Zealand setting were low and comparable to international rates. We found that, among mothers with medical-led care compared with midwife-led care, there were lower odds of some adverse outcomes for infants. These included oxygen deprivation during the delivery (birth-related asphyxia) (55% lower odds), neonatal encephalopathy—a condition that can result in brain injury (39% lower odds), and low Apgar score, which is a measure of infant well-being immediately postdelivery, with a low score being indicative of an unwell baby (48% lower odds). What Do These Findings Mean? Despite New Zealand having overall internationally comparable maternity outcomes, the findings of this study suggest that avoidable adverse outcomes may still be occurring. Further research that examines the potential reasons for an apparent excess in adverse outcomes in midwife-led care is required.