A rapidly expanding literature is focused on the concept of social capital and its applications on the community studies. In terms of social capital, it means the stocks of social trust, norms and networks that can be drawn on for solving common problems. Altruism and externality of public goods are important properties of social capital. Specifically, the social capital in a community refers to the institutions and mechanisms through which community members relate to and interact with each other for reaching the objective of sustainability. Sustainable community development is the goal. The revitalization and use of social capital is the strategy. This paper explores the meanings, levels, forms and functions of social capital firstly. Secondly, the concept of sustainability and principles of sustainable community development are discussed. Lastly, the principles of drawing on social capital for sustainable community development are explained.