The aim of this conceptual article is to both provide a critical review of research into value co-destruction (VCD) and outline a common conceptual framework in order to better understand and guide future research into VCD and value co-creation (VCC). This review finds that the VCD stream of research has followed two lines of enquiry: one that highlights the role of resources and service systems and another that focuses on practices. It further finds that some prior research has argued that a direct and reciprocal relationship exists between VCD and VCC, captured in the concept of interactive value formation (IVF). A synthesizing IVF framework is outlined which suggests that the alignment and misalignment both within practices and in-between different practices determines IVF, that is, VCD and VCC. The framework further suggests that IVF is both enabled and constrained by resources and service systems.