Abstract:The open innovation community gives full play to the value of the Internet platform, organizes relatively independent knowledge subjects with scattered time and space, complementary resources, and realizes a "one-stop" solution to multiple needs through spontaneous and dynamic interaction and collaboration. Based on the open innovation theory and following the service-dominant logic, analyze the subject, resources, context and process of value co-creation in the open innovation community, and construct the conceptual framework of the value co-creation model of the open innovation community, which including 4 core elements such as value proposition, value creation, value transmission and value acquisition. On this basis, a knowledge governance mechanism that guarantees the value co-creation model of the open innovation community is proposed from the 4 aspects of constructing an effective knowledge acquisition mechanism, knowledge fusion mechanism, knowledge sharing mechanism and knowledge possession mechanism. It aims to provide a reference for companies to make better use of group wisdom to create customer value.