This article offers evidence‐based understanding of public value creation in multi‐actor collaborations by presenting the results of a systematic literature review of empirical studies published within the public administration field. Specifically, it focuses on two primary research questions: How do multi‐actor collaborations generate public value(s)? What types of public value(s) are created by these collaborative endeavors? Our results shed light on 12 strategic governance components for enacting public value(s) governance (PVsG) in multi‐actor collaborations, including six key public values to be considered for discerning and assessing processes of public value generation. We contribute to theory and practice by providing a unifying framework to PVsG which updates the public value strategic triangle combining Moore's managerial action‐focused approach with Bozeman's policy or societally oriented public values approach.