Focusing on the hierarchical construction of user value, this paper systematically analyzes highly cited literature related to customer perceived value and customer experience from Web of Science Core Collection and CNKI based on grounded theory. The results show that: (1) As the core category, user value includes monetary value, functional value, quality value, efficiency value, spiritual value, social value and psychological value; (2) There are essential differences between spiritual value and psychological value. The former comes from the concept of “sacred consumption” in sociology of religion, while the latter includes cognition, emotion and will which come from psychology; (3) User values for consumers and businesses have terminal commonalities, including quality/price, brand value and psychological value. These elements form a hierarchy of user value categories based on their objective and subjective attributes. A model of subject-object relationship structure among the user, product, and brand is developed, revealing the dominant role of psychological value; (4) The value points that B2B and B2C users pay attention to are significantly different: B2B users who tend to be rational pay more attention to quality/price cognition, while B2C users who tend to be emotional pay more attention to brand value cognition.