Product design in complex and dynamic environments requires an understanding of the simultaneous interactions among the problem, solution, knowledge, and stakeholders, while linear design models lack the capacity to explain such dynamics. Despite the development of the co-evolutionary design literature, there remains a gap in terms of an integrated framework for identifying and analyzing the relationships among the drivers affecting this process. Therefore, the present study was conducted with the aim of identifying, classifying, and modeling the key drivers of co-evolutionary product design. The research adopted a qualitative-developmental approach and was carried out in two stages. In the first stage, the key drivers were extracted and organized from the relevant literature using systematic meta-synthesis; in the second stage, the causal relationships and dynamics among them were modeled and analyzed using fuzzy cognitive mapping. The findings showed that co-evolutionary product design is grounded in the networked interaction of cognitive, adaptive, technological, and social drivers. Among these, the co-evolutionary process, adaptive mechanisms, and learning play the most significant role in the dynamics and performance of the system. Scenario analysis further demonstrated that the proposed model possesses an appropriate level of stability and resilience under different environmental conditions. By providing an integrated framework and dynamic modeling of the relationships among the drivers of co-evolutionary design, this study contributes to the advancement of the product design literature in complex and uncertain conditions and can serve as an analytical tool to support decision-making and innovation management in the design process.