When　tourists　buy　souvenirs,　their　perception　of　generated　value　often　draws　the　souvenir　supplier＇s　attention.　However,　little　is　known　about　the　reasons　that　drive　tourists＇　perceived　value.　With　the　aims　of　filling　this　gap,　we　examine　the　impact　of　tourist　value　co-creation,　souvenir　authenticity,　and　tourist　psychological　ownership　on　tourists＇　perceived　value.　The　findings　revealed　that　tourist　value　co-creation,　souvenir　authenticity,　and　tourist　psychological　ownership　have　positive　effects　on　tourists＇　perceived　value　using　a　PLS-SEM　model.　Moreover,　tourist　psychological　ownership　and　souvenir　authenticity　demonstrated　a　mediating　role　in　the　effect　of　tourist　value　co-creation　on　tourists＇　perceived　value.