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A new method for measuring the alternating current (AC) half-wave voltage of a Mach-Zehnder modulator is proposed and verified by experiment in this paper. Based on the opto-electronic self-oscillation technology, the physical relationship between the saturation output power of the oscillating signal and the AC half-wave voltage is revealed, and the value of the AC half-wave voltage is solved by measuring the saturation output power of the oscillating signal. The experimental results show that the measured data of this new method involved are in agreement with a traditional method, and not only an external microwave signal source but also the calibration for different frequency measurements is not needed in our new method. The measuring process is simplified with this new method on the premise of ensuring the accuracy of measurement, and it owns good practical value.