Lilibet: Meaning Behind Meghan Markle and Prince Harry's Baby Name

On Sunday, Meghan Markle and Prince Harry announced the birth of their daughter, Lilibet "Lili" Diana Mountbatten-Windsor. There's a very special meaning behind their little one's name, as it pays tribute to two members of the British royal family — Harry's grandmother, Queen Elizabeth II, and his late mother, Princess Diana. In fact, as PEOPLE noted, the name Lilibet is actually the Queen's nickname, one that was used fondly by her late husband, Prince Phillip.

The name "Lilibet" was one of the Queen's nicknames that those in her family used when she was younger. Her father, King George VI, even once said about his daughters (Elizabeth and her sister, Princess Margaret), "Lilibet is my pride. Margaret is my joy." Elizabeth's late husband, Phillip, who died in April, was one of the last members of her family who called her by "Lilibet." PEOPLE noted that the Queen left a handwritten message to Phillip on the top of his coffin. She signed the note from "Lilibet."

Of course, Lili's middle name of Diana pays tribute to Harry's late mother. Diana, Princess of Wales, died in 1997 in a car crash in Paris. Lili shares her middle name with her cousin, Princess Charlotte, the daughter of Harry's brother, Prince William, and his wife, Kate Middleton. Charlotte's full name is Charlotte Elizabeth Diana, which pays tribute to the Queen and the Princess of Wales. Harry and Markle released a statement on Sunday to announce the birth of their daughter. They shared that Lili was born on Friday, June 4, in Santa Barbara, California. The Duke and Duchess of Sussex have been residing in California, Markle's home state, with their son, Archie, for over a year following their exit from royal life.

"It is with great joy that Prince Harry and Meghan, The Duke and Duchess of Sussex, welcome their daughter, Lilibet "Lili" Diana Mountbatten-Windsor, to the world," their statement read. "Lili was born on Friday, June 4 at 11:40 a.m. in the trusted care of the doctors and staff at Santa Barbara Cottage Hospital in Santa Barbara, CA. She weighed 7 lbs 11 oz. Both mother and child are healthy and well, and settling in at home. Lili is named after her great-grandmother, Her Majesty The Queen, whose family nickname is Lilibet. Her middle name, Diana, was chosen to honor her beloved late grandmother, The Princess of Wales."