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There has been a proliferation of the study on social capital in various fields including sociology, political science and public administration since the early 1990s. However, a number of criticisms of social capital has also been presented during last ten years. This paper highlights these problems for the comprehensive understanding and the further research on social capital. It includes from conceptual and empirical problems to the debates about the determinants and sources of social capital. This paper divides these issues into four categories. First, section Ⅱ deals with vague definitional aspects and the estimation problems of social capital. Second, section Ⅲ deals with the debates about trust and the voluntary associations as the heart of social capital. Third, section Ⅳ analyzes the negative effects and results of social capital. Fourth, sectionⅤ focuses the discourse on the determinants and sources of social capital.