This study examined the effect of smartphone and social networking service (SNS) usage on various aspects of social capital, including trust, organizational participation, political participation, and network resources. The study further examined whether SNS usage moderates the relationship between smartphones and social capital. A cross-sectional survey data (N = 339) from a random sample of university students was gathered. The results demonstrated that smartphone and SNS usage have direct effects on all social capital dimensions. In addition, the intensity of smartphone usage has an indirect effect on various social capital dimensions, except organizational participation. These results provide evidence that smartphone and SNS usage is not intrinsically harmful to one’s social capital and may in fact broaden social capital among its users.