Along with the coming of the Internet age, the spread of commercial information including advertisement has experienced explosive growth. This is not up to the administrators’ will. However, the advertisement law and regulations lag behind in social development. It leads us to consider the question that what kind of advertisement law we need and how to make it. This article attempts to answer these questions based on Chinese Advertisement Law (revised draft, 2014). The authors argue that, from the point of protecting the free flow of commercial information and maintaining public interests, advertisement legislation needs to continue to make the advertisement values truly applied in the legislation.