Child malnutrition is a pressing concern in India, impacting physical and mental development and leading to socio-economic challenges. This study examines malnutrition prevalence, regional and social disparities, nutritional expenditure trends, and the impact of nutrition spending on children under 5, using secondary data from 1997-98 to 2021-22. Correlation and multiple linear regression are employed in a cross-sectional framework. The study shows improvements in nutritional status in low-income states like Madhya Pradesh, Jharkhand, Rajasthan, Odisha, and Uttar Pradesh. However, Bihar, Chhattisgarh, Jharkhand, and Madhya Pradesh still face challenges in reducing malnutrition. Rural areas have higher rates of stunting, wasting, and underweight. Per capita nutrition spending correlates negatively with stunting and underweight but positively with wasting and severe wasting. While nutrition spending alone does not reduce malnutrition, spending on ICDS and Poshan Abhiyan play a significant role. A one percent increase in per capita ICDS spending leads to a 9.15 percent reduction in underweight prevalence, and a one percent increase in per capita Poshan Abhiyan expenditure results in decreased stunting by 0.07 percent, wasting by 0.06 percent, and underweight by 0.16 percent. Other factors, like urbanization, SC-ST population, women's literacy, piped-water-availability, sanitation-facilities, and household-size are significant determinants of malnutrition among children under-5.