Digital Business Ecosystem (DBE) is a topical concept for business organisations to collaborate in driving product or service innovation. DBE is supported by digital technologies which aim to create and co-create values among the participated business organisations. For achieving successful collaboration, business organisations need to understand their capabilities that lead to value creation. This approach is vital for a business organisation to benefit from the values co-created when collaborating with others. Failing to do so will cause inefficient collaboration. However, there is a lack of capability and value co-creation studies in the DBE context. Therefore, this paper aims to conceptualise capabilities and value co-creation through a systematic literature review. We analysed the findings by thematic analysis. The review results produced a set of research themes surrounding the capability and value co-creation concepts. The research themes contribute to informing future avenues in digital business ecosystem research.