Learner participation in MOOCs provides learners opportunities to create value through their experience. However, little is known about how their participation affects value co-creation and satisfaction in the learning process. Employing the service-dominant (S-D) logic, the value co-creation theory, and satisfaction theory as the theoretical basics, this study discusses how MOOCs learners acquire value from participation, which furthermore shapes their learning satisfaction. Empirical results from 372 learners suggest that learners' participation results in a rise in their perceived knowledge value, hedonic value, and social value. Learners' satisfaction is derived from these value perceptions. The theoretical framework provides novel insights to platform managers in understanding how learners' participation contributes to value co-creation and how to motivate learners' satisfaction.