Purpose: Servant leadership suggests that leaders should focus on the betterment and psychological needs of their followers at work. However, little is known about the relationships among servant leadership, leader-member exchange (LMX) and psychological capital (PsyCap) in the field of education. The purpose of this paper is to propose a conceptual framework on the mediating role of LMX in the relationship between servant leadership and followers' PsyCap based on theory and previous empirical research, particularly in the context of higher education. Design/methodology/approach: To achieve the purpose of the study, a review of literature was conducted to develop a conceptual framework. Findings: Findings suggested that servant leadership can positively influence followers' PsyCap via the mediating effect of LMX. Originality/value: By positing that servant leadership affects followers' PsyCap via LMX in the context of higher education, this paper's framework lays a strong foundation for the expansion of the servant leadership knowledge base as well as for future theory development and debate.