Psychological capital (PsyCap) has been associated with key organizational and well-being outcomes. However, limited investigations have been carried out regarding the role of PsyCap in the educational settings. The present study assessed the association of PsyCap with life satisfaction and school belongingness in the academic context. Four hundred and sixty-two Filipino high school students participated in the current investigation. Structural equation modeling showed that PsyCap was positively linked to school belongingness via the intermediate variable life satisfaction. An alternative structural model also provided evidence of the indirect effects of PsyCap on life satisfaction via school belongingness. Theoretical and practical implications of these results are discussed.