Excess maternal and child mortality is the outcome of poor service quality. Though achieving universal health coverage including financial risk protection is a specific SDG health target, financing the increasing expenditure for quality health care is challenging for developing countries. Due to varying health service promoting strategy and economic condition, public financing and health care service across countries in South East Asia region are not at same level. This study explored variations in levels and trends of health expenditure and universal service coverage across South East Asian countries in connection with maternal and child mortality. Special attention had been paid on variability in health financing distribution. Secondary data were used in this study collected from Global Health Observatory data repository of WHO. Summary statistics, correlation and regression outputs were presented in various time series and cross-sectional plots. It is evident that health expenditure was increasing in higher rate in upper middle income countries than the lower middle income and low income countries. Increase in the government health financing was found to have significant impact on the reduction of maternal and child mortality. However, government financing were mostly interchanged with out-of-pocket spending in some lower middle income countries, where the maternal and child mortality was in increased proportion. In contrast, low out-of-pocket spending and low maternal and child mortality reflect better universal health care service in upper middle income countries.