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Research on ecosystem services has become a dominant field within environmental management, framing the way in which human–nature relationships are understood and managed. Although ecosystem services are usually defined as ‘the benefits that humans receive from nature’, our work shows that most services are actually co-produced by a mixture of natural capital and various forms of social, human, financial and technological capital. Here, we review how ecosystem services are co-produced, and then we assess how this affects the quantity, quality, trade-offs, resilience and the equity of the distribution of ecosystem services. Then we discuss the implications of co-production for sustainability. Finally, we present some challenges for an adequate consideration of co-production within the assessment of ecosystem services.