With advancement in information and communications technology, there has been convergence of various communication channels into few distribution platforms or same media organizations owning several media channels. Media stakeholders in Kenya had wanted to have self-regulation in the media industry. Three regulatory bodies (Media Council of Kenya, Communication Authority of Kenya and Film Classification Board) have been established through legislation to regulate media content and practice. This paper aims at analyzing the current media regulatory system in Kenya with a view to recommending the appropriate system. To achieve this, the paper has systematically reviewed academic journal articles, books, newspaper stories on media regulation and the law governing the establishment and operations of the three key media regulators. Social responsibility theory has been applied to explain the relevance of media regulation. The findings were that Kenya currently applies two media systems: 1. statutory regulatory system that is applied in two regulatory bodies and 2. Statutory media self- regulatory system which is applied in one regulatory body. The paper has recommended that Kenya should apply the statutory media self- regulatory system as it is the best for developing democracies. The paper has also recommended the review of the laws governing the three regulatory bodies so that they conform to the dynamics of technological advancement in the media industry in order to avoid duplication and competing roles.