Purpose: This research aims to convert the traditional teacher-student models, in which teachers determine the learning resources, into a flexible structure and an active learning environment so that students can participate in the educational processes and value co-creation in virtual academic learning environments (VALEs). Design/methodology/approach: Mixed-methods (qualitative-quantitative) approach has been used. First, to develop the primary framework, papers were content-analyzed. Then, to validate the results of the content analysis, responses of the questionnaires distributed among students and teachers at five virtual universities in Iran were analyzed. Findings: VALEs have the value co-creation potential. The students and teachers in this sample identified and confirmed three dimensions including partnership requirements (including organizational capabilities, structural requirement, individual competencies, motivational factors and resources), collaborative learning services (including IT infrastructure, common services and educational services) and social networks. The foundation of value co-creation is a partnership requirement. Collaborative learning services are flexible services that redesign methods and curriculum and promote deep learning among students. In addition, the wide use of social networks enables dialogue, communication, participation and establishment of virtual learning groups. Practical implications: By means of the suggested framework, it is possible to achieve value co-creation in VALEs. Originality/value: The paper presents outcomes of the research that is focused on technical, human and organizational aspects for value co-creation in VALEs that have not been much discussed previously.