Abstract: The extensive links produced in physical exercise provide a good platform for the creation of social capital.Based on the eight urban survey data in 2014 (JSNET 2014), this paper further divides social capital into individual social capital and collective social capital, and explores the promoting effect of physical exercise on these two types of social capital.The regression models found that physical exercise played a positive role in promoting both individual social capital and collective social capital, with the "inverted U"shown in the physical exercise and most of the measurement indexes of social capital.In addition, the moderate physical exercisers were the biggest winners in obtaining social capital.Meanwhile; physical exercise played a Matthew effect in improving social capital content.Therefore, physical exercise can be taken as a way to cultivate social capital, but the balanced development of the distribution of sports resources should be considered.