The Chinese government has implemented the comprehensive two-child policy in 2016, but can this policy really improve the financial sustainability of individual accounts in China’s basic pension? This research designs five possible schemes of China’s total fertility rate affected by the comprehensive two-child policy to explore the impact of the policy on the financial status of individual accounts of China’s basic pension. The results show that (1) the impact of the comprehensive two-child policy on the financial status of individual accounts has a time lag, and the earliest year that the policy works is 2041. (2) On the whole, if the comprehensive two-child policy increases China’s future total fertility rate, this policy will help improve the sustainable operation ability of individual accounts in most years of the forecast period. And the mode of increasing the total fertility rate under the middle level scheme will help improve the sustainable operation ability of individual accounts in the years after the policy works.