Objective: The present study aimed to investigate the mediating role of career adaptability in the relationship between psychological capital and perceived employability. Method: This descriptive-correlational study employed structural equation modeling. The statistical population consisted of undergraduate students at University of Mohaghegh Ardabili during the 2025–2026 academic year, of whom 400 were selected using convenience sampling. The research instruments included the Psychological Capital Questionnaire developed by Luthans et al. (2007), the Career Adapt-Abilities Scale developed by Savickas and Porfeli (2012), and the Perceived Employability Scale developed by Rothwell et al. (2008). Data were analyzed using SPSS and AMOS. To examine the mediating effect of career adaptability, direct and indirect effects were assessed within a structural equation model using the bootstrapping method. Results: The results showed that psychological capital had a positive and significant effect on career adaptability (β = 0.62, p < 0.001) and perceived employability (β = 0.28, p < 0.001). Career adaptability also had a positive and significant effect on perceived employability (β = 0.57, p < 0.001). The results indicated that psychological capital explained %37.2 of the variance in career adaptability, while psychological capital and career adaptability jointly explained %48.7 of the variance in perceived employability. The results of the bootstrapping analysis also showed that the indirect effect of psychological capital on perceived employability through career adaptability was significant (β = 0.35, %95 CI [0.24, 0.48]). Conclusion: Psychological capital and career adaptability play important roles in enhancing students’ perceived employability.