Driven by the traffic demand of traditional e-commerce and the monetization demand content platform，content e-commerce with dual attributes of community and e-commerce has become a new outlet. However，the existing theories lack an explanation for the internal mechanism of the formation and development of content e-commerce. This paper takes the short video platform Kuaishou and the content community platform Xiaohongshu as the study cases, and analyzes their growth path evolution based on the circular value logic composed of value creation, value transmission，and value acquisition. We extract the corresponding management inspiration to provide a reference for the successful development of the emerging content e-commerce platform.