With the increase of service profits, traditional manufacturing enterprises are transforming into providing Product-service System (PSS) which is a new product pattern and manufacturing paradigm. In order to respond to the transformation, this paper proposes the concept of product-service value creation as the value source of PSS. Firstly, this paper proposed the concept of product-service value creation network in order to reflect the complex nonlinear interaction of different value individuals. And the product-service value creation system is analyzed based on value network. Secondly, this paper proposed the product-service value creation process which includes value identification, value proposal, value delivery, and value evaluation. These four steps compose the close-loop of product-service value creation. The study on the product-service value creation lays a basis for further development and application of PSS.