The value co-creation of customer participation is the prerequisite for the company to achieve commercial value from the we-media. This paper starts from the content of the we-media environment elements to reveal the mechanism of value co-creation of customers’ participation in we-media, and helps we-media managers to deliver the content customers need scientifically and efficiently, to increase their willingness to participate, and to realize value co-creation. Based on 227 valid questionnaires, this paper uses SPSS 22.0 and AMOS17.0 to analyze the data and test the hypothesis. The empirical results show that: Practical Content and Interesting Content significantly positively affect the value co-creation of autonomous customer participation; Practical Content and Personalized Content significantly positively influence the Sponsored Value Co-creation. At the same time, Autonomous Value Co-creation also has a significant positive impact on the Sponsored Value Co-creation, and Autonomous Value Co-creation plays a role as a partial intermediary in the Sponsored Value Co-creation by Practical Content, and it is initiated in Interesting Content, the role of co-creation of value plays a role of a complete intermediary.