This paper seeks to evaluate the relationship between psychological capital, career identity, social capital and graduate employability. We also seek to evaluate the mediating role of social capital on the relationships between psychological capital, career identity and graduate employability in Uganda. A population of 480 unemployed young people undertaking a skills development and training program by Compassion International was surveyed providing a sample of 215 respondents. Statistics revealed a significant positive relationship between career identity and graduate employability, social capital and graduate employability and psychological capital and graduate employability. The hierarchical regression result showed that about 15 per cent of the variation in graduate employability is explained by psychological capital, social capital and career identity. Mediation results confirmed that social capital fully mediates the relationship between career identity, psychological capital and graduate employability. Therefore, the psychological capital, social capital and career identity of graduates will help in counteracting the employability challenges in Uganda.