Population is the foundation of labor force. The adjustment of the family planning policy in our country, which has triggered changes in the size and structure of the population, has significant impacts on the labor market, especially on the labor supply. This study, based on the analysis of the adjustment and evolution of China’s family planning policy, and the situation and trends of the labor supply, further explores, from the macro perspective, the relations of the universal two-child policy and our country’s labor supply. Overall, the universal two-child policy has little impact on the labor participation rate of the female labor force in the first fifteen years. However, it will enlarge the size of the labor force in the long run. Moreover, under the situation of the future industrial structure upgrading and technology development, the needs of our country's labor force will be mainly on its quality and structure, and the adjustment of the family planning policy, as a result, has weakened its impacts on the labor force market.