Under economic new normal, green investment is the key to ecological development. It is a prior decision,and can pay attention to from pollution control afterwards to the prevention of pollution in advance. How about the role of government environmental regulation in firm green investment? Can the media effectively supervise firm green investment? Answers to the questions abovementioned are conducive to the definition of the role of environmental regulation and media supervision in firm green investment. Based on the empirical data of A-share listed companies of heavy pollution industry in China,it uses an empirical analysis to explore the relationship among media supervision,environmental regulation and firm green investment. It comes to the following conclusions:firstly,strict government environmental regulation plays an active role in the promotion of firm green investment,and after the distinction between state-owned and non-state-owned samples,state-owned listed companies are usually more active to comply with environmental regulation and thereby input more green funds;secondly, media supervision can significantly promote the exertion of environmental regulation power, and after the distinction between positive and negative media coverage, the promotion role of positive media coverage is more obvious; furthermore, after the distinction between stateowned and non-state-owned samples, state-owned listed companies are more vulnerable to the impact of media supervision,thereby promoting the increase in green investment. The conclusions provide evidence for the perfection and enhancement of environmental regulation institutions like new environmental law and confirm the supervision role of the media as a corporate governance institution in firm green investment.