Utilizing capital as a construct to analyze leadership that triggers school transformation is a newly emerged perspective. This study employed the capital theory as the framework to explore how schools undertook the transformative tasks by multi-case study. Three secondary schools in Taiwan were recruited to investigate how leaders constructed the intellectual, social, spiritual, and financial capital and the interplay among the capitals. The findings indicated that despite certain strategies commonly employed by case schools, the ways schools develop capitals as the strategy of school transformation depended on their unique context. One form of capital might be used to facilitate another form of capital. The study applied capital perspective to Asian context has extended its explanatory power and has created the basis for further research in the field of school reform.