This focused review of theoretical and empirical research findings in the corporate social responsibility (CSR) and business‐nonprofit collaboration literature aims to develop an analytical framework for and a deeper understanding of the interactions between nonprofit organizations and businesses that contribute to the co‐creation of value. Our research question is: How can collaboration between businesses and NPOs most effectively co‐create significant economic and social value, including environmental value, for society, organizations, and individuals? More specifically, we will elaborate a Collaborative Value Creation (CVC) framework for analyzing social partnerships between businesses and nonprofits; review how the evolving CSR literature has dealt with value creation and collaboration; analyze how collaborative value creation occurs across different stages and types of collaborative relationships: philanthropic, transactional, integrative, transformational; examine the nature of value creation processes in collaboration formation and implementation and the resultant outcomes for the societal [macro], organizational [meso], and individual [micro] levels; identify knowledge gaps and research needs.