Building on the growing field of curriculum co-creation in higher education, this research analyses current conceptualisations of this concept based on the perceptions of student and staff co-creation practitioners. It draws on a rigorous review of international curriculum co-creation literature and describes in-depth research on experiences and conceptualisations of fifteen curriculum co-creation initiatives across eight subject areas at five universities in Scotland. Following an inductive analysis, the findings highlight conceptualisations of curriculum co-creation that focus on (A) developing shared values, (B) enhancing creativity through collaboration and (C) negotiating power for mutual benefit. These findings are discussed with respect to how they contribute to a new definition: curriculum co-creation is a relational way of working underpinned by shared responsibility, reciprocity in learning from each other, mutual respect, care, trust and empathy. This values-based, creative process helps staff and students work together to share and negotiate decision-making about aspects of curricula, which often leads to mutual benefits for learners and teachers. This new definition encompasses current conceptualisations of curriculum co-creation in the rapidly-changing higher education sector, with implications for fostering resilient, authentic and meaningful pedagogies that are relevant to today’s challenges in higher education and beyond.