The current academic circles generally understand the natural capital as the natural resources for the nature ecosystem from the static angle.This awareness will help people better save resources and achieve sustainable development.The circulation economy has made it clear that to achieve two kinds of natural circulation is important,which has important value enlightenment in understanding the concept.What the circulation economy practice realizes is materials circulation of the hominization natural,but to achieve sustainable development,we must also realize the material circulation of the dehumanizing nature.In order to achieve the material circulation of the dehumanizing nature,it is necessary to deepen the traditional understanding of the natural capital concept.While understanding the natural capital from the static angle,we must simultaneously carry on the understanding from the dynamic angle.That is,natural capital can be understood as natural resources and external environment which can achieve their ecological restoration and original state voluntarily or through human labour.Establish a new concept of natural capital is helpful in promoting the practical development of the circulation economy.