Abstract: Under the background of non-trading virtual community, literature research and qualitative study of focus group interview were applied to propose the dimension of created value, which included three dimensions of pragmatic value, hedonic value and user equity. According to the concept of service dominant logic and flow experience theory, the effect relationship model between involvement, co-created value, flow experience and behavioral intention were constructed and hypotheses were proposed. The results of empirical research show that: involvement has significantly positive effect on pragmatic value, hedonic value and user equity; perceived enjoyment has significantly positive effect on word-of-mouth and repeated use intention; perceived enjoyment partially mediates the relationship between co-created value and behavioral intention.