The law, passed early yesterday in the middle of the night, drew criticism from journalists, who accused the government of trying to stifle dissent.
The law says broadcasts should "avoid one-sidedness, prejudice, expressing personal opinions, giving grades and affixing labels."
The Israel Press Council urged parliament to cancel the law, saying it violates free speech.
Cabinet Minister Ofir Akunis said the law only applies to newscasts. He told Channel 2 TV that some journalists critical of the government "aren't being professional and are doing it for political reasons."