As an important system fghting false advertising, the advertising disclosure program has been implemented in many countries. By tracing and analyzing the origination and application of the program as well as its detailed rules, related disputes in U.S., this paper intends to demonstrate its principles and values as well as the goal of law and economics, and concludes that the advertising disclosure program is an elaborate systematical design for fghting false advertising. It not only respects the freedom of commercial speech of enterprises, but also protects consumers’ right to know, and reduces the transaction and regulation costs, in which consumers could make independent rational consuming decisions based on key projects of their deals. Only from the perspective of consumers, the effect of institutional implementation is not perfect, but it is a relatively fair and economical system in terms of the whole social interest.