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From http://www.earlychurch.net/Baptism.htm:

Under the heading of salvation, it is important at this point to touch on baptism. Although it may seem inconsistent to digress into what may be considered an "ordinance" or "sacrament" of the church after indulging in the metaphysical realities of being "in Christ" and being revealed as a son of God, it is necessary since so many of the early church fathers equated our regeneration with the act of immersion. The actual issue of baptismal regeneration, however, we will only touch on at the end. Instead, we will first investigate the apostolic practice, including what was considered valid and the development of baptismal theology in the early church.

Baptism is perhaps the most universal of all Christian ordinances. It is considered the "portal" into the Christian church by many branches of Christianity. The early church fathers put a tremendous amount of emphasis on baptism, which sparked a significant amount of debate. Other than the controversies regarding the deity of Christ, the debates and controversies that raged over baptism and rebaptism stand out as the most intense theological debates of the third and fourth centuries. Some of the questions that are still asked today are:

a) Did the early church baptize infants?

b) Does baptism wash away "original sin"?

c) Is an individual regenerated (ie. "born-again") at baptism?

In the beginning of all of the gospels, we find how baptism was the central facet of John the Baptist’s ministry. In Judaism, ritual washing was already a practice, particularly with the Essenes and many ascetic groups, but John’s baptism is distinguished as a "baptism unto repentance" (Mark 1:4; Luke 3:3; Acts 19:4). In this respect John represents the personification of all of the prophets thus far. The highest moral teaching of Judaism can be seen in the prophets in their emphasis of the heart attitude that God seeks, rather than ritual observances (See Amos 5:21-23). Yet even during John’s ministry, there was already a foreshadowing that the pattern of water baptism served as a type for the spiritual baptism that would be introduced by the Messiah. John says in Matthew’s gospel that he baptized with water, but he that comes after me shall "baptize you with fire and the Holy Spirit". For this reason, we should always keep before us the truth that the water has no "magical" properties about it, nor can it be considered an end itself.

Infant Baptism

It is a common practice among orthodox, Roman Catholic, as well as several Protestant bodies (ie. Lutheran, Covenant, etc.) to baptize individuals when they are infants. The practice is frequently justified on the grounds that, under the Mosaic economy of salvation, God's covenant was extended to even infants through circumcision, which was to be performed on the eighth day after birth. The covenant of circumcision is said to be a type or foreshadowing of baptism, which serves a similar function under the New Covenant. This reasoning appears in the church documents Apostolic Constitutions (ca. 4th Century)

"Do not delay to turn to the Lord, for thou knowest not what the day will bring forth." Do you also baptize your infants, and bring them up in the nurture and admonition of the Lord. For He says "Suffer the little children to come unto me, and forbid them not." (VII:457)

as well as Cyprian (V:353)

-For this reason we think that no one should be hindered from obtaining the grace under the law that was already ordained, and that spiritual circumcision ought not be hindered... and nobody is hindered from baptism and grace- how much more should we not hinder an infant, who being lately born, has not sinned, except in being born after the flesh in the nature of Adam.

Furthermore, the waters of baptism were thought by many to have a "medicinal" property, and that the water itself was effectual in affecting a rebirth of the spirit of an individual, and they would be regenerated in the act of baptism itself.

Are we then to expect that this was the apostolic practice, observed by the apostles and their successors in the apostolic churches? Although the previously mentioned texts demonstrate a belief in an objective and effectual power resident in the waters of baptism, there is even more evidence that would denote the contrary. It can be sufficiently shown that the earliest apostolic teaching on baptism did not make provisions for infants. The primary reason is because faith is an integral element of salvation. Whether one believes in baptismal regeneration or not, it is undeniable that personal faith is the active agent in applying the benefits of Calvary to our lives. Baptism is an ordinance that is entered into only when an individual has made the decision to fully believe in Jesus Christ. We see in the Bible when the apostle Philip was to baptize the Ethiopian eunuch whom he had converted, the eunuch asked

"What is to prevent me from being baptized?" Philip answered

"If you believe with your whole heart, it is permissible." (Acts 8:36,37)

It is interesting that the critical part of verse 37, which clearly implies that one must fully believe in Jesus before being baptized, is missing from many contemporary translations, even though it is found in the majority of original Greek manuscripts. The best evidence for the authenticity of the verse lies in the fact that it is quoted by Scripture by Irenaeus ( Against Heresies XI, 8), and Cyprian (Treatise IX, 2, 43), many, many years before the oldest manuscripts which do not include it were ever written. This fact establishes without question the principle that, according to scripture and church tradition, personal faith is a prerequisite to baptism.

Looking through the rest of the New Testament, there are no clear examples of infants being baptized. The inference is that they were not, since such stress in put on repentance, faith and confession of the Lordship of Christ as being intrinsic to the New Birth. Most baptismal texts found in the Patristic church likewise infer that those being baptized are at least old enough to enter into baptism of their own volition. Consider some of the texts from the early church regarding baptism.

Didache (ca. 100 A.D.):

But before the baptism, let the baptizer fast, and also the baptized, and what ever others can; but thou shall order the baptized to fast one or two days before.

Justin Martyr (First Apology; ca 155 A.D.)

As many are persuaded and believe that what we teach and say is true, and undertake to live accordingly, are instructed to entreat God with fasting...then they are brought by us where there is water, and are regenerated in the same manner in which we ourselves were...For Christ also said :"'Unless you be born-again, you cannot see the kingdom of God".

Tertullian (On Baptism)

They who are about to enter baptism ought to pray with repeated prayer, fasts, and bendings of the knee, and vigils all the night through, and with the confession of all bygone sins, that they may express the meaning of the baptism of John.

Virtually every text from the first two hundred years of Christianity that deal with baptism mention the obligation on the part of those being baptized to be spiritually prepared, usually by repentance and faith, and extended periods of prayer and fasting. This would preclude any possibility of baptism being applicable to infants. Any reference to infants being baptized is conspicuously missing. The whole matter is decisively answered by one text from Tertullian.

Tertullian:(On Baptism-III:678)

"Unless a man be reborn of water and spirit he cannot enter the kingdom of heaven" has tied to faith the necessity of baptism. Accordingly, all thereafter who became believers used to be baptized...and so according to the disposition, circumstances and even the age of each individual, the delay of baptism is preferable, principally, in the case of little children....For the Lord does indeed say "Forbid them not to come to me". Let them come, then, while they are growing up. Let them come while they are learning; while they learn whither to come; let them become Christians when they have become able to know Christ. Why does the innocent period in life hasten to the "remission of sins"? ..Let them know how to "ask" for salvation, that it may seem to have given "to him that asketh".

If this is indeed the unanimous consent of the church, how did it happen that infant baptism became the norm? Although the answer may be somewhat speculative, we need to look to one of the baptismal texts from Irenaeus. Irenaeus, who held to the orthodox position regarding when one should be baptized, wrote a text which supported the common perception that we are born-again when we are baptized. He said in Against Heresies in 180 A.D.

We are lepers in sin, we are made clean by means of the sacred water and invocation of the Lord, from our old transgression; being spiritually regenerate as new born babes, even as the Lord has declared "except a man be born again through water and the Spirit, he shall not enter the kingdom of heaven.

Years later, we see some Christian writings taking Irenaeus' words and interpreting "spiritually regenerate, as newborn babes" as meaning that we are baptized as new-born babes! In the proper historical and textual context however, this is inconceivable. Thus, sometime in the mid 3rd century and in contradiction to the norm, the practice of baptizing infants started, built largely on a misinterpretation of Irenaeus.