Subcutaneous fat necrosis is a panniculitis rarely seen in newborns. It is characterized by indurated, erythematous plaques and nodules on the back, buttocks, thighs, cheeks, and arms. Perinatal complications including gestational diabetes, preeclampsia, asphyxia, meconium aspiration, obstetric trauma, sepsis, and hypothermia are the known risk factors. A two-day-old baby was referred to our hospital due to birth asphyxia. Respiratory distress, intracranial hemorrhage, hypocalcemia, hypoglycemia, elevated creatine kinase and C-reactive protein levels, and blood culture positivity (Streptococcus viridans) were detected on admission. The baby was treated with ventilator, antibiotic, and thrombocyte suspension. At the age of 10 days, indurated, erythematous plaques and nodules were seen on the baby's back and cheeks. Laboratory and histopathologic investigation showed hypercalcemia, elevated 1,25-(OH)2 vitamin D, high urinary calcium/creatinine ratio, and subcutaneous fat necrosis. Hypercalcemia was treated with fluid and diuretics intravenously. Two months later, the skin lesions had improved. Serum calcium, urine calcium/creatinine ratio, and renal ultrasonography were normal.