This study aimed to analyze the effects of REDD+ activities such as education, cookstove incentives and Community Forestry (CF) membership on poverty alleviation through the mediating effects of social capital, including network, trust, cooperation and social inclusion. We collected data through a field survey from randomly selected 335 households in the REDD+ pilot sites, including Kyauktaga and Minhla townships in Bago Province, Myanmar. The relationship between variables was analyzed using Structural Equation Model (SEM). The results showed that social capital has significant impact on poverty reduction. Specifically, social inclusion showed a direct impact on poverty reduction. While REDD+ activities such as education and CF membership had impacts on income generation, the impacts were insufficient to realize poverty alleviation. Forest dependents are relatively poor, which implies that forest activities are limited in achieving poverty alleviation through income level improvement. We found that the intervention of the REDD+ program on local communities may contribute to the accumulation of social capital, thereby reducing poverty.