Research on perfectionism and separately on procrastination is extensive and both are related in general to negative consequences. However, there has been little research on different forms of perfectionism (maladaptive vs adaptive) and the relationships with procrastination. One study (Seo, 2008) has suggested that self-efficacy mediates between adaptive perfectionism and procrastination in academic settings and leads to more productive outcomes. Identifying further such positive productive factors may prove useful in helping individuals deal with their perfectionism and-or their procrastination tendencies. Positive psychological capital (PsyCap) may be one such other mediator, as PsyCap involves not only self-efficacy but also resilience, hope and optimism—attributes that have been associated separately each in their own right with positive behaviour and not with normal academic procrastination Most studies of PsyCap have occurred in organisational settings and may also be considered to be important attributes in the academic setting. Psychological capital as a positive mediator between adaptive perfectionism and procrastination in an academic setting was therefore examined in the current study, with results supporting the mediation effect. The implication is that those students with perfectionistic attributes can be helped to control some of the negative outcomes (such as procrastination) by developing skills in psychological capital. How this might work is discussed. Further detailed studies are needed including replication and identification of other mediators.