<p>In today’s rapidly evolving business landscape, new ventures face increasing pressure to innovate their business models to secure market resources, stimulate demand, and create a competitive advantage. While business model innovation has become crucial for survival and growth, researchers have paid limited attention to entrepreneurial psychological capital’s role in driving such innovation. Addressing this gap, in this study we integrate the theory of psychological capital with dynamic capabilities theory to develop a model that examines the relationships between psychological capital, dynamic capabilities, technological environmental uncertainty, and business model innovation. Through an empirical analysis of 225 valid questionnaires that entrepreneurs completed, we found that psychological capital can significantly improve new ventures’ business model innovation, entrepreneurial dynamic capabilities play a mediating role in the relationship between psychological capital and business model innovation, and technical environmental uncertainty negatively regulates the relationship between dynamic capabilities and business model innovation. These results have important practical significance, deepening our understanding of the mechanism of entrepreneurial psychological capital and guiding new ventures to innovate on business models more effectively.</p>