Leisure benefits and wellbeing can be achieved for participants by participating in leisure activities. Systematic examination of relationships both between serious leisure and leisure benefit, and serious leisure and wellbeing are still waiting so far. The purpose of this study is thus to examine the relationships both between serious leisure and leisure benefit, and serious leisure and wellbeing by introducing the roles of social capital and recreational specialization. Theoretical framework and corresponding hypotheses were built according related literature and theory bases. International standard dance participants were invited to participate in this study. Structural equation modeling was used in this study to test our hypotheses. Empirical evidence of the effects of serious leisure on the leisure benefit and wellbeing and mediating effects of social capital and recreation specialization on the aforementioned relationships were examined and discussed in this study.