Drawing on the theory of strategic action fields, this article explores a collective–conflictual perspective on value co-creation. Following recent developments and calls for research with a holistic outlook, we review streams of research that discuss both collective and discordant elements in social relations and subsequently relate this to value co-creation. We outline a conceptual framework for value co-creation, focusing on collective action that includes various actors, interactions, practices, and outcomes. This article pioneers the underdeveloped collective–conflictual perspective on value co-creation. Our framework enables empirical research in value co-creation that accounts for multiple actors nested in fields of collective action.