Digital technology is profoundly affecting the dynamic adjustment of the value co-creation and cooperation network of manufacturing servitization. Based on the data of A-share listed companies in China’s manufacturing industry from 2013 to 2022, this paper incorporates the internal and external cooperation network of the organization into the analysis framework of digital transformation, empirically tests the impact and mechanism of digital transformation on the performance of servitization value co-creation, and further explores the heterogeneity and threshold effect of enterprise scale. The results show that digital transformation has an inverted U-shaped impact on the performance of servitization value co-creation, and the dynamic nature of the internal cooperation network of the organization will significantly enhance the inverted U-shaped relationship between the two. Inter-organizational cooperation network centrality and structural holes play an inverted U-shaped mediating role between digital transformation and servitization value co-creation performance. Further research finds that the impact of digital transformation on the performance of servitization value co-creation varies with the size of enterprises, and there are polarization and threshold effects. The research conclusions expand and enrich the research situation and theoretical connotation of value co-creation, and provide useful guidance for enterprises’ service transformation in the digital economy era.