As a new carrier of the digital economy, Metaverse integrates the world’s cutting-edge technologies and plays an important role in carrying new fields and new tracks in the process of reorganizing factor resources, reshaping the industrial structure and accelerating the deep integration and development with the real economy. At the same time, Metaverse is also a complex “technology--society” system, showing brand-new characteristics of the digital economy. On the basis of the existing economic system, designing a new economic system to adapt to the characteristics of Metaverse economy is an inevitable trend to promote the deep integration of Metaverse and the real economy. From the perspective of constructive technology, this paper takes the business model as the breakthrough point and constructs the theoretical framework of Metaverse value creation from the three aspects of “key elements, creation process and creation situation”. First, by reviewing and sorting out the literature related to Metaverse and value creation, the theoretical foundation of this paper is laid. Second, From the three dimensions of value source, value transmission structure and value form, this paper sorts out the differences between traditional industrial enterprise value creation and Metaverse value creation. Traditional industrial enterprise value creation is the combination of physical products, labor value and value chain; while Metaverse value creation is the combination of digital products, connection value and value network. The participants and factor subjects of Metaverse value creation are also defined: The participants are user layer, platform layer, stakeholder layer and external physical layer; while the main factors are knowledge, data and connection value. And then, the knowledge-sharing logic, community logic, multi-stakeholder logic and economic logic are introduced to explain the theoretical logic of Metaverse value creation according to the different value creation links performed by different participants. Third, the operation path of the value creation process of Metaverse is explored from the four links of “value production, value encounter, value transmission and value spillover”. Fourth, in view of the user layer, platform layer, stakeholder layer and external physical layer, this paper discusses the operating mechanism of Metaverse value creation from the perspectives of “knowledge-sharing logic, community logic, multi-stakeholder logic and economic logic”. Among them, the value creation behavior of the user layer is represented by value production, the value creation behavior of the platform layer is represented by value encounter, the value creation behavior of the multi-stakeholder layer is represented by value transmission, and the value creation behavior of the external physical layer is represented by value spillover. This paper is expected to provide theoretical and practical inspiration for social subjects to seize the development opportunities of Metaverse and build “Metaverse with Chinese characteristics”.