To be a formation mechanism of such large-scale structures as giant molecular clouds (GMCs) and HI superclouds, the classical Parker instability driven by external gravity has to overcome three major obstacles: The convective motion accompanying the instability generates thin sheets than large condensations. The degree of density enhancement achieved by the instability is too low to make dense interstellar clouds. The time and the length scales of the instability are significantly longer and larger than the estimated formation time and the observed mean separation of the GMCs, respectively. This paper examines whether a replacement of the driving agent from the external to the self gravity might remove these obstacles by activating the gravitational instability in the Galactic ISM disk. The self gravity can suppress the convective motions, and a cooperative action of the Jeans and the Parker instabilities can remove all the obstacles confronting the classical version of the Parker instability. The mass and mean separation of the structures resulting from the odd-parity undular mode solution are shown to agree better with the HI superclouds than with the GMCs. We briefly discuss how inclusions of the external gravity and cosmic rays would modify behaviors of the odd-parity undular mode solution.