Methods and devices for treating erectile dysfunction are disclosed. Methods are aimed at reducing blood outflow from penile tissue by delivering energy to specific penile tissue that controls blood outflow from the penile tissue and causing remodeling of the specific penile tissue. Devices may be configured to generate RF energy and to apply the generated RF energy to a penis to thereby elevate a temperature of internal penile tissue above a predetermined temperature value while maintaining a penile surface below a predetermined temperature threshold. The predetermined temperature value may be set to initiate synthesis and/or a regeneration of collagen fibers in a collagen-rich penile connective tissue and/or to increase oxygenation of endothelial cells, initiate angiogenesis and neovascularization in a vascular penile tissue. Additionally, electrical penile stimulation is disclosed, possibly applicable in conjuncture with the erectile dysfunction treatment.