As the digitization of the supply side continues to advance, the takeaway industry has made a significant contribution to economic growth. However, the rapid expansion of the scale has also brought many social problems, merchants provide low-quality goods out of the psychology of opportunity, and the uneven quality of goods and asymmetric information not only bring great regulatory problems for the takeaway platform, but also make it difficult for consumers to identify the platform, merchants, and consumers as takeaway platform stakeholders, it is difficult to integrate resources to achieve value co-creation. Therefore, in order to realize the value co-creation among the stakeholders of the takeaway platform, a three-party evolutionary game model was constructed to analyze and simulate the strategic choices of stakeholders under different situations through simulation experiments and to explore the sensitive influence of each factor. The results of the study show the following: shaping a scientific reward and punishment system and setting reasonable rewards and punishments within a limited threshold; platforms, consumers using word-of-mouth effects to amplify the loss of network externalities that merchants have to bear when they provide low-quality services, and improving the consumer feedback mechanism to reduce the cost of feedback are all effective measures to promote the active participation of takeaway platform stakeholders in value co-creation and promote the sustainable and healthy development of the takeaway industry.