National media consumer panels were conducted in Taiwan to examine how the first-person and third-person perceptions would mediate the impacts of celebrity credibility on advertising skepticism. Results revealed that (a) the third-person perceptions took place in the context of celebrity-endorsed advertising; (b) all three credibility variables were negatively correlated to advertising skepticism, but only celebrity attractiveness and expertise yielded direct effects; (c) indirect effects by the first-person perceptions were stronger than those by the third-person perceptions on advertising skepticism. Theoretical and practical implication insights were discussed to indicate that Taiwanese consumers did not want to be recognized as celebrity followers for a self-enhancement purpose. However, their first-person perceptions played a more active role than their third-person perceptions in mediating their perceived celebrity credibility and diminishing their skepticism toward celebrity-endorsed advertising.