The star has named her little one Penny Grace Shaw, revealing the choice and showing off her family of four in a stunning photo shoot.
Speaking exclusively to OK! magazine, Paula also opened up about her hypnobirth experience, and how she prepared for the baby's arrival.
Weighing in at 6lbs and 12oz, Penny Grace Shaw arrived at 11.16am in a 'calm' birth.
She told the magazine: 'I kept calm and kept doing my yoga. I'd been going every Tuesday. I went to the class on July 26 and did lots of relaxation. I looked in the mirror and thought, something looks a bit different about me, maybe it will be tonight.'
Penny, like her younger brother, was born at home in West Yorkshire, delivered into a birthing pool.
The new mum described giving birth to her second child as 'calm' and 'enjoyable', 'Arthur's birth was magical but it was traumatic. This time around was the polar opposite. I felt so in control and really calm'.
The soap star, 30, took to Twitter to announce the lovely news of her daughter's arrival in July, and was clearly over the moon to tell fans she and her husband Tom Shaw had welcomed their second child together.
'She's here! The latest addition to the Shaw clan is doing great. @SirTomShaw and I are feeling blessed and very lucky 💕👶🏼', she wrote.
She's here! The latest addition to the Shaw clan is doing great. @SirTomShaw and I are feeling blessed and very lucky ð’•ð‘¶ð¼— Paula_Lane (@lane_paula) July 28, 2016
Paula and husband Tom, who married two years ago, also have a 19-month-old son Arthur. The new mum left Corrie in dramatic scenes in June, after admitting she was taking a career break to focus on her family.
Speaking to OK! magazine about life after the cobbles, she said: 'There have been a couple of offers of work already, but I feel like it's too soon.
'I feel like I've got to nurture this new baby. Arthur only had 11 weeks with me before I went back to work. I've done six years of solid work so I think I owe it to myself to have a natural break.'
Paula in her role as Kylie Platt, with Corrie co-star Tina O'Brien
Clearly delighted with their new arrival and hinting at Paula's birth experience, hubby Tom also shared his excitement with a tweet, writing: 'Thanks to all who sent lovely messages. Huge, great big thanks to Katharine Graves @hypnobirthing for her words of wisdom! #ItWorks!'
Hypnobirthing is a program that's thought to decrease pain during labour and birth. It works by teaching expectant mums breathing techniques to promote relaxation, and how to enter a state of 'self-hypnosis'. Paula had a hypnobirth with her son Arthur, so it comes as no surprise that she'd want to try it again!
When asked by OK! just after announcing her second pregnancy if she'd be having a hypnobirth again, Paula replied: 'Definitely, as much as I can. With Arthur I just had gas and air. There are no prizes for giving birth in a certain way.
'It's just whatever works for you individually. I just want to be as relaxed as possible and just hope it will be a little bit quicker this time.'