To elucidate the research on value cocreation (VCC) in online services, it is important to identify and understand the main participants in cocreation activities, the elements of participation, and how they engage in cocreation. Therefore, this study addresses these research motivations from the activity theory perspective. We extracted articles from 2010 to 2022 concerning VCC in online services and identified over 161 papers published in the Elsevier Science Direct, Web of Science, and Emerald databases. This study describes the cocreation process and analyzes its driving factors and the cocreation mediators among multiple cocreation subjects. We develop a VCC model for online services based on the activity system model; this model offers a preliminary outline of a research agenda for the study of VCC in online services. This study can also help companies consider their own VCC strategy in online services.