Scientists researched women who had drunk alcohol when they were expecting.
They then looked at their children five years later and found no evidence of booze having a detrimental effect on the kids' IQ, attention span or planning abilities.
UK pregnant women are advised not to drink, but experts say those who do should have no more than one or two units, once or twice a week.
However, the Danish research, published in the BJOG journal, suggested one to eight drinks a week was not linked to harm.
It is accepted, though, that heavy drinking during pregnancy is known to be linked to miscarriage, foetal alcohol syndrome and low birth weight.
Patrick O'Brien, a spokesman for the Royal College of Obstetricians and Gynaecologists (RCOG) and a consultant obstetrician, said: "These findings suggest low to moderate drinking has no significant effect on children aged five.
"However, this does not mean that women can use this as an excuse to indulge in more than the recommended amount in the UK.
"This evidence suggests that the UK guidance is erring on the side of caution - but that's sensible in pregnancy."
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A glass of wine while pregnant does no harm. I'll drink to that.