Modern marine ranching construction is a vivid practice of thoroughly implementing the outline of the 14th five year plan. Immature technology and insufficient construction capital have become major obstacles to the modernization of the marine ranching. In view of this, aiming at the dual dilemma of “technology-financing” in the development of the marine ranching, based on the two contexts of “collaborative innovation” and “diversified financing”, and according to the logic of “definition of subject of value co creation system - analysis of function and characteristics of value co creation system - exploration of value co creation mechanism”, this paper puts forward marine ranching multi-agent value co-creation system featured by “core enterprise dominance and multi-agent participation”, and analyzes the multi-agent value co-creation mechanism of ocean pasture driven by collaborative innovation and multiple financing from the perspectives of “two ends + three layers” and “two sides+ three dimensions”, in order to provide reference for building a long-term governance paradigm of marine ranching and accelerating the construction of a marine power.