The present study aims to design the value co-creation-driven supplier relationship model in the Abadan refinery. In terms of type and paradigm, the research is a qualitative interpretive study conducted with the grounded theory and Strauss and Corbin's model. An inductive approach is taken as the research method. The study is also a cross-sectional survey in terms of time horizon and strategy, respectively. Secondary information and data were collected using the library research method, and the data collection was conducted through the field technique. A review of research literature and records in national and international journals and databases provided the basis for the library research method, and interviews were conducted for the field technique based on an approved protocol by supervisor and advisor professors over the main research questions. The population included all members of the Abadan refinery's trading commission, senior experts and managers of logistics in the Abadan refinery, senior experts and managers of the Abadan refinery's legal and contract services, and the CEO and deputy CEO of parts and materials suppliers for the Abadan refinery with regular participation over the past five years. Therefore, the researcher used the snowball sampling method to identify the foremost experts, and 21 individuals were interviewed to reach the theoretical saturation. The semi-structured interviews were utilized for data collection. The test-retest and intercoder reliability methods were used to determine the research reliability. Moreover, the research findings, which were obtained based on three open, axial, and selective coding stages, show that a total number of 103 concepts were attained from data collection and classified into 25 subcategories through coding. Finally, the results indicate that value co-creation-driven supplier relationship is formulated in the form of five classes (main categories), i.e., casual conditions, context conditions, core category, intervening conditions, strategies, and consequences.