The paper analyses the concept of hate speech and tries to define its essence and to highlight the problems of its legal regulation. Relying on the fact that the international documents related to hate speech have been signed by many countries (including Serbia), there are prominent positive tendencies towards recognizing, monitoring, and sanctioning hate speech. After providing a conceptual framework of hate speech, the paper first focuses on different legal provisions on hate speech embodied in relevant international documents. The subsequent analysis of the national legislative framework on hate speech includes relevant provisions of the Serbian Constitution, the Anti-Discrimination Act and the Serbian Criminal Code. In particular, the paper focuses on the regulation of hate speech in the media-related legislation in Serbia, including the Public Information and Media Act, the Electronic Media Act, the Public Media Services Act, and the Journalists' Code of Ethics. Finally, the author suggests that a possible solution for suppression of hate speech should be sought in its roots and a better understanding of its ethical aspects. In this respect, the role of media and self-regulatory bodies is very important.