The Wilson-Cowan model can emulate gamma oscillations, and thus is extensively used to research the generation of gamma oscillations closely related to cognitive functions. Previous studies have revealed that excitatory and inhibitory inputs to the model can modulate its gamma oscillations. Inhibitory and excitatory self-feedback loops are important structural features of the model, however, its functional role in the regulation of gamma oscillations in the model is still unclear. In the present study, bifurcation analysis and spectrum analysis are employed to elucidate the regulating mechanism of gamma oscillations underlined by the inhibitory and excitatory self-feedback loops, especially how the two self-feedback loops cooperate to generate the gamma oscillations and regulate the oscillation frequency. The present results reveal that, on one hand, the inhibitory self-feedback loop is not conducive to the generation of gamma oscillations, and increased inhibitory self-feedback strength facilitates the enhancement of the oscillation frequency. On the other hand, the excitatory self-feedback loop promotes the generation of gamma oscillations, and increased excitatory self-feedback strength leads to the decrease of oscillation frequency. Finally, theoretical analysis is conducted to provide explain on how the two self-feedback loops play a crucial role in the generation and regulation of neural oscillations in the model. To sum up, Inhibitory and excitatory self-feedback loops play a complementary role in generating and regulating the gamma oscillation in Wilson-Cowan model, and cooperate to bidirectionally regulate the gamma-oscillation frequency in a more flexible manner. These results might provide testable hypotheses for future experimental research.