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Helen Beard from Worksop was relaxing by a pool in the American resort of Orlando when she saw the child dangling through a railing of the fourth-four balcony.
She then ran to a spot directly under 16-month-old Jah-Nea Myles, before she fell, striking the balcony below on her way down.
Mrs Beard broke the child's fall, before she slipped from her arms and hit the ground, according to police reports.
The incident happened at the Econo Lodge Inn & Suites shortly after 11pm on Wednesday.
Jah-Nea was taken to hospital following the incident but did not sustain any serious injuries.
The toddler's mother, Helena Myles, 20, told Reuters: ``She's perfectly fine. Not a scratch on her body.
``I'm thanking the Lord above right now for saving my child's life. I'm also thanking that lady because she was an angel sent from heaven.''
Ms Myles and her daughter, who live in Longwood near Orlando, were staying at the Econo Lodge in adjoining rooms with friends from North Carolina.
She said that she left the youngster in the care of the friends, who did not notice she had slipped out of their room until they heard the sound of screaming.
``I'm not upset with anyone. I've had it out with my friends. But other than that, I'm thanking God right now that my child's here,'' Ms Myles added.
Police said no criminal charges are pending.