This study aims to identify the associations between multiple identities (ethnic, civil, religious, Soviet, civilizational) and two types of social capital (bridging and bonding) in two post-Soviet republics: Estonia and Kyrgyzstan. In both republics, the sample included representatives of two generations of ethnic Russians and representatives of the ethnic majority (the Estonians and the Kyrgyz), with at least 150 respondents in each group, so the total sample was 1,296 respondents. The authors used their own techniques to evaluate multiple identities, and a modified version of the social resource generator was used to evaluate bridging and bonding social capital. The results of the study showed that the younger generation in the post-Soviet space tends to have lower social capital, especially the bridging one. "Soviet" identity in the ethnic Russians is not associated with social capital, whereas in the representatives of the ethnic majority it is. Religious identity proved to be an important factor of both types of social capital in all the groups considered. The civic identity is linked to the bridging social capital in the Russians in both republics. Among the Estionian and Kyrgyz young people, ethnic identity is strongly associated with their bonding social capital. Also, the "European" identity of both generations of the Estonians demonstrated a strong association with the bonding social capital.