Abstract: By building the regression models with 2014 JSNET (Job Search Network) survey data, it is found that the higher the frequency of physical exercise, the richer the individual's social capital content, which is reflected in the higher Chinese New Year network's social capital content, social participation and social trust, all of which can improve people's happiness.The results of Bootstrap test also shows that the mediation effect of social capital between physical exercise and well-being does exist.