In the macro environment of the vigorous and rapid development of China’s digital economy, corporate digital transformation has not only changed internal production management methods but also profoundly influenced the value creation model between enterprises and external businessentities. However, existing research on digital transformation lacks a systematic analysis of how to promote corporate value co-creation From a micro perspective, the impact of corporate digital transformation on value co-creation and its corresponding mechanisms still require further research. Based on a research sample of Shanghai and Shenzhen A-share listed companies from 2012 to 2023, this paper constructs a comprehensive index of corporate value co-creation covering economic, social, and innovation values, and empirically the impact of corporate digital transformation on value co-creation behavior and its underlying mechanisms. The results show that corporate digital transformation significantly enhances the level of value co-creation, a finding that valid after controlling for various endogeneity issues and conducting robustness tests. Mechanism analysis reveals that digital transformation primarily promotes value co-creation by improving the conditions for enterprises to participate in multi-agent collaboration resource integration through three paths: reducing transaction costs, alleviating financing constraints, and increasing product market share. Further research finds that the more stable the supply chain relationship and the more improved the regional business environment, the stronger the promoting effect of enterprise digital transformation on value co-creation, exerting a significant positive moderating effect on digital transformation. This paper expands the research on economic consequences of corporate digital transformation from the perspective of value co-creation, providing new theoretical insights and empirical evidence for exploring the value co-creation mechanism of enterprises in the context of digital economy.