--- - |2 Abstract Drawing on a 2‐year community‐based participatory research project, and grounded in the theories of positive psychology, this article examines the effects of targeted educational support on refugee participants’ psychological capital (PsyCap)–hope, self‐efficacy, resilience, and optimism–as well as life satisfaction. Two groups of participants attended a 14‐week trauma‐informed, educational support program in 2 consecutive sessions. The program was designed in collaboration with George Brown College, the Centre for Addiction and Mental Health, Wellesley Institute, and the Canadian Centre for Victims of Torture. The study aimed to understand the link between psychological capital and life satisfaction among refugees. Findings show that the participants’ psychological capital–particularly PsyCap‐resilience and PsyCap‐optimism–improved consistently, which in turn was reflected in the participants’ improved life satisfaction. The result also indicated a relationship between the four main characteristics of psychological capital and life satisfaction. We conclude that these indications of a potential positive association between refugees’ psychological capital and life satisfaction should be further examined. - Journal of Community Psychology, EarlyView.