The overview study sums up the contemporary knowledge concerning the psychological capital (PsyCap). It represents a relatively new but rapidly developing construct in the field of positive psychology and has applications in organizational, educational, and health psychology. The study starts with the theoretical conceptualization of PsyCap and presents its four components: hope, self-efficacy, optimism, and resilience. It provides a comprehensive review of the positive outcomes and correlates of PsyCap across multiple life domains. Next, it describes the antecedents and possible interventions supporting the development of PsyCap. It takes notice of the PsyCap measurement and evaluates the strengths and weaknesses of available methods. Finally, the study summarizes current trends in the study of PsyCap and formulates directives for research and practice in Czech organizations, education, and counselling.