Abstract: Based on the new tendency of the incubator clustering development, this paper focuses on multi-agent value co-creation and the role of policy in different formative stages of the cluster, combining with the Institutional Work theory and the Value Co-creation theory, through a case study of cluster of incubators in Guangzhou Development District, exploring the internal mechanism of the formation of cluster of incubators. We found that: Firstly, the government helps to form the cluster of incubators through the coordination of internal and external institutional work, and with the improvement of the external institutional environment, the role of the government within the cluster changes from "institution maker" to "auxiliary service provider". Second, under the interactive influence of institutional environment and behavior of cluster actors, the motivations of cluster actors for value co-creation tends to be synergistic, which further improves the breadth and depth of their interaction and resource integration. Thirdly, the institutional work of government and the cluster of incubators co-evolve. In the process of government institution obeying-institution integration- institution deepening, the institution of value co-creation in the cluster realizes the transformation of value co-connection - value co-integration - value symbiosis.