Under the background of integrated urban-rural development, Xiongfan Village in Dawu County has accomplished the spatial reconstruction and transformation of the village through the collaborative efforts of multiple stakeholders through the coordination and cooperation of multiple stakeholders entities, which has gradually slowed down the impact caused by hollowing and insufficient endogenous development power. Taking this as a case study, this paper employs social network analysis to investigate the network characteristics of multi-stakeholder collaborative co-construction in rural development. Furthermore, it delineates the formation process of this network, aiming to provide a foundation for the transition from “spatial construction” to “community empowerment.” The study reveals that within a 58 × 58 co-construction network, social organizations occupy significant positions in terms of core-periphery, local hierarchy, and individual centrality metrics, playing a crucial role in connecting various stakeholders within the network structure. Through semi-structured interviews, it was concluded that the multi-stakeholder co-construction model in this area has evolved through three stages: one-way communication, enterprise collaboration, and multi-stakeholder coordination. The study argues that during the transitional phase, collaborative co-construction should still be grounded in community empowerment, with improved division of responsibilities among stakeholders, enhanced awareness and participation of marginalized groups, and the realization of collective roles in collaborative governance, supervision, and development.