This study is a descriptive study designed to identify the relationships among positive psychological capital, physical health status, depression, interpersonal relationship and learning flow. The subjects were 181 nursing students and the data collection was from May 8 to June 20, 2019. Data analysis methods were descriptive statistics, t-tests, ANOVA, Pearson’s correlation coefficients, and stepwise multiple regression, using the SPSS 22.0 program. Positive psychological capital showed statistical differences according to age, grade, motive for major choice, major satisfaction and subjective health status. Positive psychological capital was correlated with depression(r=-.454, p<.001), interpersonal relationship(r=.611, p<.001) and learning flow(r=.452, p<.001). The factors affecting learning flow were positive psychological capital(β=.414, p<.001), major satisfaction(β=.177, p=.014), and grade(β=-.150, p=.026), which explained 24.4% of the variance. Therefore, it is necessary to develop and apply educational programs that can promote positive psychological capital in nursing students.