The sustainable development of tourism in cultural heritage sites benefits from the active participation of tourists in the co-creation process. Location-based AR games show great potential in tourists’ participation in creation and positive experiences. This study explores the relationship between the stage factors of the co-creation experience and the overall co-creation. Combining the service-dominant logic and process perspective of value co-creation theory, this research proposes a conceptual framework for co-creating experiences in cultural heritage tourism using augmented reality technology through two studies. In the first phase of the study, quantitative research was conducted on 256 visitors to measure the impact of factors in the three processes of pre-co-creation experience, on-site experience, and post-co-creation experience on the overall co-creation experience. In the study’s second phase, follow-up qualitative interviews were conducted based on multiple linear regression analysis results to expand the interpretation of the relationship and importance of factors affecting the co-creation experience process. The results show that psychological engagement, awareness, knowledge, and social relations during pre-visitation help enhance the overall co-creation experience. In contrast, the overall co-creation experience is enriched by real-time storytelling, interaction, and emotional resonance in both on-site and post-experience processes. The proposal of this framework model advances the discussion of augmented reality technology and co-creation experience to the empirical level. It provides a basis for further tourism co-creation experience design practice.