Under the background of “Healthy China” strategy, it is of great significance to accurately measure the value of health capital and identify its regional correlation for controlling the level of healthy development in China. Using the method of health capital accounting published by the United Nations, from the micro-perspective of individual preference and the macro-perspective of spatial correlation, this paper investigates the changes of health capital of urban residents in different provinces in recent years using the CHIPS and the official statistical data of the population. It is found that: (1) There are provincial differences between the East and West in the per capita health capital stock, and its growth rate is slow and gradually decreasing; (2) With the improvement of income level and health consciousness, the substitution effect of health capital plays a dominant role, and the relationship between health risk preference and wages also changes with age. For young people, they tend to bear high health risk for high income, while middle-aged and old people care more about controlling and reducing health risks; (3) There is a strong spatial effect in the adjacent areas, which promotes the income of its own area, but reduces the income of its adjacent areas.