This study investigates the processes and outcomes of value co-creation in ICT-based educational services, with a focus on student-initiated learning alongside traditional teacher-led instruction. While prior research has largely overlooked the mechanisms of student-led value co-creation, this study addresses that gap. Using a case study Midorino Gakuen Compulsory Education School, which actively integrates ICT into its teaching practices, interviews were conducted and analyzed based on existing value co-creation models. The analysis clarified how ICT transforms educational practices and enables new forms of value generation. Findings show that both teachers and students can lead the learning process through ICT, promoting proactive and collaborative learning. In addition to conventional teacher-led instruction, instances of peer-based learning and student-to-teacher knowledge sharing were observed. The study identified two forms of value co-creation: horizontal (student-to-student knowledge exchange) and vertical (student-to-teacher knowledge contribution). ICT played a key role in fostering student autonomy, shifting learning from teacher-centered to student-centered. These results highlight the potential of ICT to enhance service quality and user satisfaction by deepening understanding of value co-creation. Future research should examine the applicability of this framework in other service domains.