Abstract: Forestry carbon credits represent a pivotal institutional innovation for the marketization of forest carbon sinks and the realization of ecological product value, playing a critical role in supporting the "dual carbon" goals and activating forestry ecological resources. Currently, China's forestry carbon credit pilot programs have developed diverse practical models, yet they still confront prominent challenges, including ambiguous property rights definition, insufficient synergy among participating entities, lack of value co-creation mechanisms, and weak market and policy support. In response, this paper introduces the theory of value co-creation and attempts to construct a three-dimensional analytical framework of "Subject-Process-Outcome" to analyze the internal logic and practical predicaments of value co-creation in forestry carbon credits. Optimization pathways are proposed from four dimensions: multi-agent collaboration, interest linkage, mechanism improvement, and external environment optimization. The findings indicate that promoting the collaborative participation of governments, forest farmers, enterprises, intermediaries, and financial institutions, improving benefit distribution and risk-sharing mechanisms, establishing unified information and trading platforms, and refining policy standards and technical support can effectively enhance the efficiency of value co-creation in forestry carbon credits and promote the sustainable development of forest carbon sinks. This study provides the theoretical references and practical insights for the standardized promotion of the forestry carbon credit system and the realization of ecological product value.