Due to the particularity of gray privacy products, purchasing involves more privacy information of consumers, thus affecting value co-creation behavior. Based on the value co-creation theory and privacy calculus theory, this paper takes the female bra as an example to construct the research hypothesis and model influencing the consumer value co-creation behavior under the circumstance that online consumers are concerned about privacy. This article in the form of questionnaire survey to collect empirical data, uses the structural equation model to explain privacy concern about the impact of perceived risk and perceived benefits and mechanisms, as well as the perceived risk and perceived benefits of consumer value to create the behavior and mechanism of action, and discusses the privacy transfer how to affect the consumer's perceived risk and perceived benefits. The results reveal the role of privacy concern and the complexity of the influencing factors of privacy concern and privacy transfer on consumers' value co-creation behavior.