This study examines the generational mechanisms through which social capital is formed and reproduced within the university field. It is grounded in an interpretive paradigm and adopts a narrative strategy with a qualitative thematic approach. Data were collected through semi-structured narrative interviews with 27 students from two post-revolutionary generations (1979–1989 and 1989–1999), complemented by field notes and cultural documents. Data analysis was conducted using three-stage coding procedures (open, axial, and selective). To enhance the credibility of the findings, methodological triangulation, participant validation, the inclusion of deviant cases, and systematic documentation of the research process were employed. The findings show that social capital has not eroded across generations; rather, its meaning-making logic and modes of reproduction have transformed. Three interpretive mechanisms were identified: an identity mechanism involving the redefinition of belonging and in-group/out-group boundaries; a communicative mechanism that conceptualizes dialogue as a process of trust production, from face-to-face interaction to digital communication; and a value–affective mechanism reflecting a shift from duty-based ethics toward lived values and emotional experiences. Furthermore, social capital has shifted from institutional and vertical relations in the first generation to networked and horizontal relations in the second, reflecting broader transformations in generational lifeworlds.