The disjunction between value creation and value capture has seriously hindered the commercialization of content platforms. How to deal with the “disjunction” has become the key for content platforms to innovate business models and achieve sustainable development. Based on the commercialization context of content platforms, this paper follows the logic of “value creation–value capture–co-evolution”, analyzes the case of Xiaohongshu, innovatively introduces the concept of “alignment” to define the relationship between value creation and value capture, and concludes the leap path and alignment mechanism of them. The results show that the alignment of value creation and value capture in content platforms has experienced two stages: their respective leap and mutual alignment. First, the value creation mode of content platforms leaps from “functional dominance” to “emotional extension” through the “softening” path of contextualization and algorithmization, and the value capture mode leaps from “traffic monetization” to “capability profitability” through the “hardening” path of individuation and scientization. Then, content platforms exploit algorithms to enable the alignment process and lead subsequent commercialization to align value creation with value capture. The theoretical model proposed in this paper not only contributes to bridging the research gap in understanding the relationship between value creation and value capture, but also expands the relevant research on the sustainable development of algorithm-driven business models.