We review relevant literature to propose the connotation and operation logic of food safety co-governance, systematically constitute by roles, functions, as well as the boundaries of public government, enterprise, and social forces. The major thesis is that social co-governance is a kind of societal-wide innovation (i.e., social innovation) that integrates diverse resources and efforts from multiple stakeholders for better and sustainable development of an economy’s food institution and system. We then put forward a prospect of the future research on food safety risk co-governance. Theoretical, practical, and policy implications are discussed.