Live streamers’ power and attraction influence consumer behavior. This study focuses on streamer-central formed social capital and the relationship between streamers and audiences on live streaming video platforms (LSVP). First, we explored the impact of trust, norm of reciprocity, and network on social capital formation. Second, we investigated the effect of social capital on streamers’ attributes (attractiveness, expertise, and trustworthiness) and on the audience’s social capital formation. The main findings show that trust and network positively affect social capital. Social capital increases the level of streamers’ attractiveness, expertise, and trustworthiness perceived by the audience, which facilitates sustainable development of the LSVP and the streamer. Perceived streamers’ attractiveness negatively affects social capital formation, while perceived expertise positively affects it. To promote social capital development, streamers and operators of LSVPs should continuously emphasize social capital formation. Moreover, LSVPs should provide audiences with novel and interesting content to enable active networking. For sustainable development of LSVPs, when providing live streaming video services, streamers should deliver content that the audience perceives as based on their expertise rather than on their physical attractiveness.