Led by Conservative MP John Bercow, the final report, published on Tuesday, highlights the crucial link between early intervention and identification with children's later educational attainment.
It includes 40 recommendations, including a National Year of Speech, Language and Communication to raise awareness.
It also calls for closer working between health and education services organised around the family and prioritised by level of need, and for training to ensure that everyone working with children has a basic understanding of typical communication development so that they can identify any problems.
Children's communication charity I CAN, a member of the expert advisory panel, described the review as 'groundbreaking'.
Chief executive Virginia Beardshaw said, 'It moves the neglected issue of speech, language and communication out of the shadows and into the spotlight. Communication is the fundamental 21st century life skill. It is central to children's life chances, directly underpinning learning, attainment, friendships and well-being.'
She added, 'Early intervention is crucial. The majority of speech and language problems are identifiable from the second year of life, yet many children slip through the net. We know there is a "golden time" from nought to five where if problems with speech and language are picked up, there is a much greater chance of solutions being found.'
The review has taken on board all of I CAN's goals from the charity's three-year Make Chatter Matter campaign.
These include: all parents of under-fives receiving information on typical child communication development; all early years, schools and play settings to be communication-friendly; and all those in the children's workforce to receive training and information on children's communication development.
I CAN welcomed recognition of the importance of health and education services working together, as in its 23 early years centres.
The Early Talk project in Calderdale, for example, started in April 2007 as a three-year partnership between health and family services, the speech and language therapy team and the early years support service.
It aims to raise awareness and raise the skills of early years workers in promoting speech, language and communication skills linking with the EYFS. Training is available for individuals and whole settings.
The parent-led speech and language charity Afasic, also a member of the advisory panel, warned that health and education services must be made accountable for provision so that children and young people with speech, language and communication needs could gain access to services.
Chief executive Linda Lascelles said, 'We have waited too long for real tangible change. Children, parents and families rightly expect that they will finally be listened to.'
