Abstract：The success of service transition of Shanxi Blower (Group) can be attributed to the transformation of the conception of value creation, and its value co-creation is drawing increasing attention. In this paper, from the network perspective and based on the theories of value creation and stakeholder,a model is built to research on the mechanism of value co-creation in the process of service transition of manufacturing enterprises. Study suggests that actors of value co-creation tend to be diversified in the transition process. Value creation is no longer just a bilateral behavior between enterprises and customers, but interactions among four actors in the context of network. These four actors are manufacturing-service integrators, professional service providers, customers and potential stakeholders. In addition, the resources tend to be intangible, not only operand resources, but also operant resources, such as knowledge, relationships and legitimacy. In the process of value co-creation, customer value, enterprise value, and social value are no longer in conflict, but collaborate and share with each other to co-create value.