This study proposes a moderated mediation model to examine the roles of perceived organizational support and psychological safety that play in the relationship between psychological capital and employee innovative behavior based on positive psychological capital theory and theory of planned behavior. The study conducts a 2-wave survey and collects 219 employees from enterprises in southern China. The main results indicate that: psychological capital has significant positive influence on employee innovative behavior; psychological safety completely mediates the relationship between psychological capital and employee innovative behavior; perceived organizational support moderates the psychological capital-psychological safety relationship; the mediating effect of psychological safety is moderated by perceived organizational support as well. Research implications, limitations and future research directions are discussed.