The innovative practice of social enterprises using commercial means to solve social problems has become an important force to promote the high-quality development of economy and society. In the face of uncertain environment and resource constraints, it is an important way for social enterprises to seek value co-creation with multiple subjects to achieve sustainable growth. It is of great academic value and practical significance to study the mechanism of value co-creation of social enterprises from the perspective of high-quality development. Using fsQCA and NCA methods, this paper explores the complex mechanism of multi-factor linkage within, between and outside the organization affecting the value co-creation of social enterprises. The study finds that multiple conditional factors jointly affect the value co-creation of social enterprises, and there are four effective driving paths, namely, mission consistency under social influence-inter-organizational learning multi-driven type, mission consistency under policy support-inter-organizational learning multi-driven type, inter-organizational learning-policy support dual-driven type and mission consistency-policy support dual-driven type. Further analysis shows that mission consistency plays a crucial role in driving high-value co-creation of social enterprises, inter-organizational learning and policy support play an important role, and a wide network of social entrepreneurs does not always bring positive benefits. The above findings have important practical implications to promote value co-creation of social enterprises through multiple factors to work together, sharing mission and vision，strengthening inter-organizational learning, providing diversified policy support，and expanding social influence.