With the quickening pace of the construction of a harmonious society, the happiness of the rural residents is paid more and more attention. Based on rural micro survey data, this paper empirically investigates the relationship between social capital and subjective wellbeing (SWB) in rural areas. The research finds that social capital has a significant positive effect on subjective wellbeing of rural residents. On the individual level, both social networks and organizational trust are positively related to SWB, social interaction harmony can also promote farmers’ SWB. On the community level, the impact of social capital on SWB has strong externality. Social networks are mainly helpful to the lowincome peasants. Therefore, these illustrate that social capital can boost the rural residents' SWB, and benefit to the rural residents with poorer socioeconomic status. So the results of this paper have an important enlightenment to promote the people’s wellbeing and the construction of rural harmonious society.