Web-based stakeholders’ participation in product co-design is an emerging business model for companies. However, research on user’s online involvement in product co-design is limited. In this paper, we investigated the three major interdisciplinary academic databases Web of Science, Scopus, and ScienceDirect (data collected in May 2020), with the aim of explaining the meaning, core concepts, historical roots, and research trends of co-design. A total of 39 of the deemed relevant studies were emphatically analyzed, systematically discusses the concept implication and development status of co-design, and the key points of web-based product co-design research, as well as the future research direction.