The way companies create value is shifting, with more companies achieving value co-creation through participation in the innovation ecosystem. Based on the open innovation theory, 332 high-tech firms participating in the innovation ecosystem were taken as samples, the impact of coupled knowledge flows on value co-creation of innovation ecosystem and the moderating role of knowledge stocks and innovationecosystemnormativity are explored by using hierarchical regression analysis method. The results of the empirical study show that coupled knowledge flows has a significant positive impact on value co-creation of innovation ecosystem. Both……and …… have a significant positive moderating role on the relationship between coupled knowledge flows and value co-creation. Innovationecosystemnormativity has a significant positive moderating role on the relationship between coupled knowledge flows and value co-creation. This research analyzes the value co-creation influence mechanism from the perspectives of external environments and internal environments of firms, which not only enriches the theoretical research related to knowledge flows, but also provides certain reference for innovation ecosystem to realize value co-creation.