This study consists of a theoretical analysis aiming at proposing an analytical framework forvalue creation throughdiversification strategy in the context of agri-food cooperatives. We mobilize the resource-based view as an alternative theoretical approach to traditional work on activity diversification. The analytical framework and theresulting propositions are supported by theoretical studies in the field of agricultural and agri-food cooperatives(AAFC). The objective is to examine the relationship between activity diversification and performance. The analytical framework allows to take into account the contribution of organizational skills and coordination mechanisms in generating synergies that create economic, environmental and social value benefitting multiple actors: the cooperative, its owners-users, and the community.