Previous scholarship has demonstrated the importance of individual characteristics and structural context for understanding social capital formation. However, a developmental approach to social capital formation has, so far, been absent. In this study, I argue that social capital formation must be understood intergenerationally as well as structurally. Using hierarchical linear modeling, I investigate the hypothesized intergenerational transmission of social capital using Waves 1 and 2 of the National Longitudinal Study of Adolescent Health. The results show that, in addition to individual characteristics, neighborhood-level factors, and school-level variables, parental social capital is an important predictor of adolescent social capital. This study also suggests that the intergenerational transmission of social capital functions, in part, through family structure and that structural differences account for only a relatively small share of the variation in adolescent social capital. Potential explanations for these findings are discussed.