Inclusion Criteria:

          -  Newly diagnosed acute myeloid leukemia according to 2016 WHO criteria(excluding APL
             [AML-M3]).

          -  Eastern Cooperative Oncology Group (ECOG) Performance Status <2

          -  Subjects must have normal organ function as defined below:

          -  Total bilirubin <2 times upper limit of normal ((≤ 3 x ULN if considered to be due to
             leukemic involvement or Gilbert's syndrome) or if higher than 2 times upper limit of
             normal with approval from the PI

          -  Serum Creatinine <2 x ULNor if higher than 2 times upper limit of normal with approval
             from the PI

          -  Left ventricular ejection fraction of ≥45%

          -  Patients with secondary AML arising out of MDS (all subtypes under WHO
             classification), chronic myelomonocytic leukemia (CMML) and therapy-related AML are
             eligible.

          -  Women of childbearing potential should be advised to avoid becoming pregnant and men
             should be advised to not father a child while receiving treatment. All men and women
             of childbearing potential must use acceptable methods of birth control throughout the
             study

          -  Subjects must have the ability to understand and the willingness to sign a written
             informed consent document.

        Exclusion Criteria:

          -  Prior treatment with CPX-351, Palbociclib or other cell cycle inhibitors.

          -  Any serious medical condition, laboratory abnormality, or psychiatric illness that, in
             the view of the treating physician, would place the participant at an unacceptable
             risk if he or she were to participate in the study or would prevent that person from
             giving informed consent.

          -  Any active malignancy (unrelated, non-hematological malignancy) diagnosed within the
             past 6 months of starting the study drug (other than curatively treated
             carcinoma-in-situ of the cervix or non-melanoma skin cancer).

          -  History of allergic reactions attributed to compounds of similar chemical or biologic
             composition to CPX-351, Palbociclib or other cell cycle inhibitors.

          -  Subjects with uncontrolled intercurrent illness including, but not limited to ongoing
             or active infection, symptomatic congestive heart failure, unstable angina pectoris,
             uncontrolled cardiac arrhythmia, or psychiatric illness/social situations that would
             limit compliance with study requirements.

          -  Known history of HIV or active hepatitis B or C.

          -  No major surgery within 2 weeks prior to study enrollment.

          -  Pregnancy or breast feeding

          -  Male and female patients who are fertile who do not agree to use an effective barrier
             methods of birth control (i.e. abstinence) to avoid pregnancy while receiving study
             treatment.

          -  Acute promyelocytic leukemia (APL)