While co-creation and brand management are salient in B2B contexts, studies in this area are often loosely connected with fragmented themes. Previous literature has not yet provided an overarching model to explain the phenomenon. Hence, to provide an encompassing perspective on co-creation in B2B branding, we selected 25 articles from 12 academic journals for a systematic literature review. Specifically, the review focuses on three research objectives: key drivers of co-creation; characteristics of a co-creation process; and key outcomes of co-creation. This paper adopts a processual perspective to present a conceptual model on co-creation. Accordingly, we propose that co-creation in B2B branding refers to a dynamic, contentious, and elucidative loop-process of interactions and negotiations between a brand and its stakeholders that influences all the actors involved. We also identify future research avenues and encourage future studies to strengthen this field.