Innovation consortia have strategic significance for China’s development to break through the technological blockade of developed countries, continuously develop new technologies and products, achieve original innovation from 0 to 1, and improve the international market competitiveness of Chinese enterprises. The paper analyzes the essence of innovation consortia and deeply dissects the connotation, structure, and characteristics of innovation consortia. On the basis of inheriting knowledge type transformation as the core of knowledge creation mechanism, according to the ultimate goal of innovation consortium knowledge creation, which is to achieve product innovation and the characteristic of cross organizational knowledge creation of innovation consortium knowledge creation, this paper proposes knowledge classification based on the position of knowledge at the organizational boundary and the degree of integration of product knowledge, and explores four basic forms of innovation consortium knowledge transformation: local transition, framework variation, framework solidification, and local integration.By comprehensively analyzing the influence of knowledge transfer, physical field, virtual field, and cultural psychological field, this paper analyzes the knowledge creation mechanism of innovation consortia through the process of knowledge creation, providing theoretical and practical support for the construction of high-quality innovation consortia.