BACKGROUND Preschool teachers can easily become exhausted and worn out, otherwise known as job burnout. Studies have explored the effects of emotional labor strategies and psychological capital on job burnout; however, few have examined their trilateral relationship, especially the role of psychological capital with respect to emotional labor strategies and job burnout. OBJECTIVE This study explored the mediating and moderating effects of psychological capital in the relationship between three kinds of emotional labor strategies and job burnout in preschool teachers. METHODS A cross-sectional study was conducted among preschool teachers in China. A total of 355 preschool teachers completed a self-report questionnaire, including three scales that measured emotional labor strategies, psychological capital, and job burnout. Resultant data were analyzed based on correlations, multiple regressions, and structural equation modeling. RESULTS Results showed that for preschool teachers, two emotional labor strategies (deep acting and expression of natural emotion) were found to be negatively correlated with psychological capital and positively correlated with job burnout. However, surface acting was positively correlated with psychological capital and negatively correlated with job burnout. Psychological capital partially mediated the effects of the three emotional labor strategies on job burnout. Additionally, psychological capital significantly moderated the effects of surface acting and deep acting on job burnout. CONCLUSIONS Psychological capital can significantly mediate and moderate the effects of emotional labor strategies on job burnout.