At the moment there is no industry-wide classification system for TV and online. The new Ofcom system would be similar to the British Board of Film Classification's guidance for the film industry, which helps consumers determine what is acceptable for children to watch depending on their age.
Ofcom said the system might go further than the BBFC in that it would offer "clear, accurate and timely advice about the nature of content".
Ofcom board member Tim Suter told the Financial Times: "We're asking whether it is possible to find a common framework behind labelling of content. A uniform labelling system would be very helpful."
Concerns have been raised by commercial TV broadcasters ITV, Channel 4 and Five that classification of TV shows would weaken their brand identities.
The BBC, Scottish Media Group and ClearChannel are believed to be supporting the proposed system.
The media watchdog has ordered more investigations into the proposal.
A report on media literacy in the UK is expected later this year, which would help determine whether a new classification system is justifiable.
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