Purpose: The review aims to demonstrate a broader perspective of human capital and employee well-being concept. Moreover, the study attempts to analyse theoretical notions underlying human capital and well-being relationship and thus to guide the integration of two distinct concepts. Design/methodology/approach: This review followed the systematic literature search protocols from the Academic Journal Guide 2018 generated by the Chartered Association of Business Schools. Sixty-nine quantitative research papers were selected for the review. Findings: Human capital is not only about individual competence but includes acquisition, utilization and development of competence in a broader sense. Employee well-being has been discussed from subjective and objective viewpoints and categorized into happiness, health and financial aspects. The review results suggest that various organizational theories, workplace learning and learning organization perspectives underlie human capital and well-being relationship. The review guides that the high involvement working model encapsulates well-being as part of human capital development. Research limitations/implications: This review discusses practical implications for human resource management practitioners. Originality/value: This review is a unique attempt to assess the human capital and well-being literature systematically.