This paper presents a meta-cognitive learning algorithm for a single hidden layer complex-valued neural network called “Meta-cognitive Fully Complex-valued Relaxation Network (McFCRN)”. McFCRN has two components: a cognitive component and a meta-cognitive component. A Fully Complex-valued Relaxation Network (FCRN) with a fully complex-valued Gaussian like activation function (sechsech) in the hidden layer and an exponential activation function in the output layer forms the cognitive component. The meta-cognitive component contains a self-regulatory learning mechanism which controls the learning ability of FCRN by deciding what-to-learn, when-to-learn and how-to-learn from a sequence of training data. The input parameters of cognitive components are chosen randomly and the output parameters are estimated by minimizing a logarithmic error function. The problem of explicit minimization of magnitude and phase errors in the logarithmic error function is converted to system of linear equations and output parameters of FCRN are computed analytically. McFCRN starts with zero hidden neuron and builds the number of neurons required to approximate the target function. The meta-cognitive component selects the best learning strategy for FCRN to acquire the knowledge from training data and also adapts the learning strategies to implement best human learning components. Performance studies on a function approximation and real-valued classification problems show that proposed McFCRN performs better than the existing results reported in the literature.