The function of information dissemination and supervision of news media plays an important role in reducing information asymmetry and alleviating managers' hoarding of bad news. Taking the unbalanced panel data of Shanghai and Shenzhen A-share listed companies from 2012 to 2018 as samples, this paper analyzes whether the risk of stock price crash of listed companies will be affected by media reports and accounting conservatism through OLS regression. The empirical results show that there is a significant negative correlation between media reports, accounting conservatism and stock price crash risk. Accounting conservatism can strengthen the impact of media reports on stock price crash risk. Further analysis shows that the negative correlation between media reports and stock price crash risk mainly centers at companies with more positive news reports and companies with higher litigation or reputation risk.