Abstract: The current trend of decentralization and networking of technology research and development has enabled enterprises to continuously break the boundaries and jointly build an open innovation ecosystem to transform the value and enhance corporate innovation capabilities. However, the main problem that needs to be addressed in an open innovation ecosystem is how to achieve value co-creation. Therefore, this study takes four innovative enterprises as samples and adopts the grounded theory to conduct multi-case analysis. This paper describes the value co-creation of an open innovation ecosystem from two levels: the open innovation ecosystem mode and the governance mechanism. Fuzzy-set Qualitative Comparative Analysis (fsQCA) is used to deeply explore the mechanism of the different configurations of the open innovation ecosystem operation mode and governance mechanism to promote value co-creation. The results reveal that a single operation mode or governance mechanism cannot promote the value co-creation of ecosystems; the interactive combination of operation mode or governance mechanism is the optimal choice to achieve open innovation eco-system value co-creation and there are multiple equifinal paths. The research results have important theoretical and practical significance for the open innovation ecosystem to improve the efficiency of resource integration and achieve value co-creation.