Universities from developing countries face the challenge of improving academic performance and educational quality. Student value co-creation can be a service strategy to achieve well-being in students and improve university services. The purpose of this study is to analyze the role of value co-creation in happiness. The sample size comprised 525 Peruvian students, and the survey technique was self-administered questionnaires. The hypotheses were examined using a Structural Equation Model (SEM). It was demonstrated that value co-creation has a positive impact on happiness. This finding provides practical and theoretical implications.