It has been debated whether protective measurement implies the reality of the wave function. In this paper, I present a new analysis of the relationship between protective measurement and the reality of the wave function. First, I briefly introduce protective measurements and the ontological models framework for them. Second, I give a simple proof of Hardy's theorem in terms of protective measurements. It shows that when assuming the ontic state of the protected system keeps unchanged during a protective measurement, the wave function must be real. Third, I analyze two suggested psi-epistemic models of a protective measurement, in which the ontic state of the system is affected by the measurement. It is shown that although these models can ...