Globalization and emergence of technology 4.0 intensify competition among enterprises in markets, which forces firms to look for progressive and advanced strategies together with practices for improving effectiveness. Recent attention has been paid much to contributions of various stakeholders in value creation, yet the research of value co-creation is rather dispersed while the number of reviews of value co-creation is limited. This study aims at reviewing the existing works of value co-creation. Specifically, the study starts with a review on conceptualizations of value co-creation to identify the most prominent approaches of defining the concept and the differences among the approaches. Then, the study examines the processes of customer value co-creation from prior research to learn about the mechanisms as well as the influential factors in the processes. Also, the antecedents and consequences of value co-creation are rigorously reviewed, from which the research streams are identified. The study concludes with discussions on the existing gaps in the literature of customer value co-creation and suggests valuable directions for future research. With the points addressed, the review provides helpful implications for both theoretical and practical fields in an effort to gain an insight into and to effectively manage the value co-creation phenomenon.