Current engineering education should develop the noncognitive abilities of students. Psychological capital (PsyCap) is defined as an individual's strengths of self-efficacy, optimism, hope, and resiliency. PsyCap is an essential noncognitive ability that influences student mental health and academic performance, yet limited research has been done to identify predictors of PsyCap. These predictors might inform the key to developing PsyCap. This study examined the levels of PsyCap and emotional intelligence (EI) among final-year chemical engineering students and investigated the effects of EI and demographic characteristics on PsyCap among them. This quantitative study involved 99 final-year chemical engineering students from a publicly funded university in Malaysia. The Trait Emotional Intelligence Questionnaire-Short Form (TEIQue-SF) and the Psychological Capital Questionnaire (PCQ) were used, and respondents' demographic characteristics (gender, age, ethnicities, household income, and preuniversity education) were surveyed. Multiple linear regression was used to predict the effects of EI and demographic variables on PsyCap. The five domains of EI (well-being, self-control, emotionality, sociability, and global trait) ranged from 4.36/7.00 to 5.01/7.00, and the four domains of PsyCap (self-efficacy, optimism, hope, and resiliency) ranged from 4.19/6.00to 4.45/6.00. Next, EI significantly predicted PsyCap while demographic characteristics did not. The study found that the PsyCap of the final-year chemical engineering students was at a moderate level. Thus, specific interventions based on EI are beneficial to developing PsyCap in coping with challenges in their engineering studies and future careers.