Digitalization has impacted the trajectory of innovation ecosystems and transformed the way of innovation collaboration and value co-creation among actors， triggering discussions about value co-creation of digital innovation ecosystems. It adopted the grounded theory to identify the factors and summarize the theoretical model of value co-creation of digital innovation ecosystems， and used the fsQCA methodology to reveal configuration paths of value co-creation of the digital innovation ecosystem. The findings indicate that core leadership， complementary performance， digital technology innovation， digital platform innovation， data innovation， intelligent manufacturing scenarios and user experience scenarios are important factors of value co-creation of digital innovation ecosystems， but none constitutes a necessary condition for high-value co-creation. There are three configurations that generate high value co-creation， including digital platform-led intelligent， digital technology-enabled manufacturing and data-driven service. Within the ecological population advantage， there is a complementary relationship between core leadership and complementary performance. In the digital innovation module， digital technology innovation， digital platform innovation， and digital application innovation demonstrate substitutive and complementary relationships. In the innovation application scenarios， intelligent manufacturing scenarios and user experience scenarios show substitutive and complementary relationships. It cracks the ‘black box’ of value co-creation path in digital innovation ecosystem and clarifies the causal mechanism of value co-creation in the system， which holds significant theoretical and practical implications.