Immersive Virtual Reality (later VR) has its potential in enabling learning experiences. Several studies adopt experiential learning as a key concept to understand the outcomes of VR. This study consists of two parts – the first part conducts a systematic literature review on VR experiential learning and suggests seven main dimensions for the concept identified by the existing literature: engagement, sociability, contextual information, physical sensation, interactivity, cognitions, and presence. The second part adopts a value co-creation and co-destruction approach to empirically test the construction underlying VR experiential learning. The findings indicate 33 value co-creation and 19 value co-destruction constructs contributing to the seven dimensions. The suggested seven value construct dimensions combined with our own empirical findings and the theory of experiential learning, our research results build understanding about the experiential learning in the VR context and further encourages future VR learning research to test and validate these propositions.