Abstract: Design thinking has effectively created a new business, strategic transformation, and organizational culture change. Still, little is known about its impact on the value of innovation as it changes with the innovation context. Facing the dual uncertainty of process and outcome, the study unfolds innovation as an interactive iterative process of trial and error of value-creating solutions and value-capturing benefit negotiation under the constraints of limited rationality faced by subjects, constructs a process framework focusing on stakeholder and multi-cluster collaboration and retrospective reasoning and embracing failure to influence the value of design thinking, compares the value differences of design thinking in technological innovation and business model innovation, and To reveal the mechanisms by which design thinking affects the value of innovation. The study shows that: first, design thinking has a positive effect on the value of both types of innovation, except for the negative impact of embracing failure on the value of business model innovation; second, focusing on stakeholders and embracing failure have a greater impact on the value of technological innovation than business model innovation; finally, multicluster collaboration and retrospective reasoning have a more significant effect on the value of business model innovation than technological innovation. On the one hand, the study reveals the differences in the value of design thinking in the two types of innovation contexts. On the other hand, it explores the differences in the application of design thinking in different innovation contexts, which provides new ideas for companies to apply design thinking to optimize innovation in response to the digital intelligence environment in a customized manner.