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Value co‐creation as a research topic has been a critical proposition of interest to a wide range of disciplines. In recent years, the field of cultural heritage has also developed a range of information practices to promote different forms of value co‐creation. While the body of literature has begun to accumulate, we still lack a comprehensive understanding of conceptual foundations and how value co‐creation is implemented in cultural heritage information practices. This paper conducted a hermeneutic literature review to understand and conceptualize the core aspects of value co‐creation in various cultural heritage information works. In particular, this paper provides a research mapping of the genres of co‐creation in cultural heritage information practices, the actors, and the roles played by the stakeholders. Further, this review provides an overview of the dominant value co‐creation models in the cultural heritage field. It distills the drivers of value co‐creation and the core value consequences that arise from a process perspective. Finally, this paper puts forward a thematic, theoretical, and methodological agenda for future work based on these findings. The review contributes to the literature by proposing an integrated conceptual framework that summarizes the core elements of value co‐creation in cultural heritage information practices. The framework also serves as a call for action, providing a general understanding of the conceptual foundation for future research. [ABSTRACT FROM AUTHOR]