Rural areas are the soil for many intangible cultural heritage. How to promote the high-quality development of rural intangible cultural heritage industries is the key to rural revitalization and intangible cultural heritage protection. In the process of industrialization of rural intangible cultural heritage, different stakeholders emerge, and intangible cultural heritage is inherited and developed under the joint action of all the stakeholders. Therefore, the industrialization development of rural intangible cultural heritage can be regarded as a process of value creation of different stakeholders. This study takes the tri-color industry of Tang Dynasty in Nanshishan Village, Luoyang City, Henan Province as the research object. From the perspective of actor network, both human actors and non-human actors are included in the analysis of value co-creation, and the multi-subject and dynamic process in the development of rural intangible industries are analyzed. By analyzing the construction and transformation of actors' network in the development of Tang tri-color industry in Nanshishan village, the study combs and summarizes the value co-creation mechanism behind the development of rural intangible cultural heritage industries, which supplements and perfects the research on the value co-creation mechanism of rural non-legacy industries, and can provide theoretical guidance and practical reference for the sustainable development of other rural traditional arts. The findings are as follows: (1) The value co-creation of rural intangible cultural heritage industries mainly goes through five links, namely, co-creation subject convening, value proposition proposing, goal path coordination, subject empowerment co-creation and multi-value output. Moreover, value co-creation can not be completed at one time, and the value propositions of different actors may change in this process. If left unchecked, all links of value co-creation will be broken, leading to value co-destruction. It is necessary to identify and resolve objections in time, so that all actors in value co-creation can interact positively and make value co-creation evolve to the next stage. (2) The value co-creation subjects of rural intangible cultural heritage industries include not only human actors, but also non-human actors to jointly promote the value co-creation of rural intangible cultural heritage industries. We should fully consider the role played by non-human actors in value co-creation. Although non-human actors do not have subjective initiative, they can be endorsed by some human actors. (3) The change of core actors in value co-creation promotes the replacement of rural intangible cultural heritage industries. The development of rural intangible cultural heritage industries has gone through different stages, and at each stage, the core actors of value co-creation will emerge and play a leading role in value co-creation. And with the change of core actors, rural intangible cultural heritage industries will also enter a new stage. (4) The development of rural intangible cultural heritage industries is not achieved overnight, and it needs to be infinitely close to the optimal state through continuous development, which is a gradual cycle process. Therefore, the value co-creation of rural intangible cultural heritage industries is not an interlocking straight line, but a dynamic circular process of spiral development.