Despite the great interest for the concept and a considerable number of papers that deal with the subject of social capital, yet there is no unique and consistent definition of social capital. Forming a consistent theory of social capital is hindered by the presence of several different approaches in the analysis of this phenomenon. Depending on the author’s theoretical position in the definition of social capital or the analysis of its sources, components and outcomes, the emphasis rests on different social processes and relationships. The aim of this paper is to analyze alternative approaches in the conceptualization of social capital, their advantages and shortfalls, and their implications for the development of the social capital theory.