Online community facilitates firm-consumer and consumer-consumer interactions for value co-creation. This study explores the relationship between social capital of online community users and community value co-creation in the context of the Xiaomi community. In the study, the forms of value co-creation are differentiated into two forms: initiated value co-creation and participatory value co-creation, and the effects of different types of online community users’ social capital on the forms of value co-creation in which they participate are empirically examined, and the results find that: structural capital has a significant positive effect on initiated value co-creation, while the effect on participatory value co-creation is insignificant; cognitive capital has a significant positive effect on both initiated value co-creation and participatory value co-creation; and cognitive capital has a significant positive effect on both initiated value co-creation and participatory value co-creation. In this context, the present study contributes to a deeper comprehension of the interplay between social capital and models of value co-creation.