This study investigates the effect of co-creation on psychological well-being and future co-creation intention on social media. Data were collected from the United Kingdom, Canada and Australia. Although the results suggest that the effects of co-creation on users may differ depending on context, they generally show that co-creation experience has a positive relationship with co-creation behavior, and that risk assessment moderates this relationship. Co-creation experience also has a positive relationship with psychological well-being, and co-creation behavior mediates this relationship. The results also confirm that co-creation behavior has a positive relationship with future co-creation intention, and co-creation behavior mediates the relationship between co-creation experience and future co-creation intention.