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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CybersecurityBreachesMember_lbl" xml:lang="en-US">Cybersecurity breaches [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005423Member" xlink:to="trowe_C000005423Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005423Member_lbl" xml:lang="en-US">T. Rowe Price Balanced Fund, Inc. - Investor Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000166328Member_lbl" xml:lang="en-US">T. Rowe Price Balanced Fund - I Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000002068Member_doc" xml:lang="en-US">T. Rowe Price Balanced Fund, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005423Member" xlink:to="trowe_C000005423Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000005423Member_doc" xml:lang="en-US">T. Rowe Price Balanced Fund, Inc. - Investor Class.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000166328Member" xlink:to="trowe_C000166328Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000166328Member_doc" xml:lang="en-US">T. Rowe Price Balanced Fund - I Class.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecurityBreachesMember" xlink:to="trowe_CybersecurityBreachesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecurityBreachesMember_doc" xml:lang="en-US">Cybersecurity breaches</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ActiveManagementMember_doc" xml:lang="en-US">Active management</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_SectorExposureMember_doc" xml:lang="en-US">Sector exposure</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentsInOtherFundsMember" xlink:to="trowe_InvestmentsInOtherFundsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InvestmentsInOtherFundsMember_doc" xml:lang="en-US">Investments in other funds</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityMember" xlink:to="trowe_LiquidityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LiquidityMember_doc" xml:lang="en-US">Liquidity</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_EmergingMarketsMember_doc" xml:lang="en-US">Emerging markets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ForeignInvestingNonUsMember_doc" xml:lang="en-US">Foreign investing: Non-U.S</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_MarketConditionsMember_doc" xml:lang="en-US">Market conditions</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CreditQualityMember_doc" xml:lang="en-US">Credit quality</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PrepaymentsAndExtensionsMember_doc" xml:lang="en-US">Prepayments and extensions</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InterestRatesMember_doc" xml:lang="en-US">Interest rates</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FixedIncomeMarketsMember_doc" xml:lang="en-US">Fixed income markets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_StockInvestingMember_doc" xml:lang="en-US">Stock investing</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_MsciAllCountryWorldIndexNetMember_doc" xml:lang="en-US">MSCI All Country World Index Net (reflects no deduction for fees or expenses)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_MorningstarModerateTargetRiskIndexMember_doc" xml:lang="en-US">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CustomBenchmarkTrpBalancedNetMember_doc" xml:lang="en-US">Custom Benchmark - TRP Balanced Net (reflects no deduction for fees or expenses)</link:label>
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