Value co-creation is the key for enterprises to obtain sustainable competitive advantage in the network environment. Based on value co-creation theory, psychological ownership theory, social exchange theory and S-O-R theory, this study constructs a research model of the impact of customer experience in virtual brand community on participation in value cocreation behavior. Through questionnaire survey and structural equation model analysis, the results depict that: Customer experience and psychological ownership have a positive impact on willingness to participate in value co-creation; customer experience is positively correlated with psychological ownership; customer psychological ownership plays an intermediary role between customer experience and willingness to participate in value co-creation; customers’ willingness to participate in value co-creation promotes their participation in value co-creation; reciprocity norms have a significant positive moderating effect on the willingness and behavior of participating in value co-creation.