Previous literature emphasized the role of psychological capital (PsyCap) in fostering positive organizational and work outcomes. However, there were very scarce investigations on the benefits of PsyCap especially in non-Western academic settings. The current research addresses this gap through assessing the extent to which PsyCap can be associated with optimal academic and well-being outcomes. There were 606 Filipino high school students who were recruited in the study. The results of structural equation modeling revealed that PsyCap positively predicted academic engagement, flourishing, interdependent happiness, and positive affect. Implications of the findings are elaborated in terms of how PsyCap can potentially assist in facilitating positive student outcomes in a non-Western context.