Among various models of media self-regulation in the U.S. and European countries, those that allow journalists and citizens to participate are more effective than those that include only media owners. In Taiwan since the 1990s, there have been two tendencies about self-regulation, while the traditional self-regulated organizations, which were practically controlled by the government, have declined along with the democratization process. On the one hand, the development of an alternative mechanism of self-regulation created by journalists in the mid 1990s has been largely constrained in the for-profit media market. On the other hand, the function of conservative, self-regulated bodies that focus on obscene and violent content has been widely questioned. In order to improve media accountability, this paper suggests a model of ”participatory and regulated self-regulation” which includes citizens, journalists, the government, and media owners.