The aim of this study was modeling the relationship between information literacy and creativity and entrepreneurial capability of higher education physical education students of Tehran state universities. The Statistical population consisted of all higher education physical education students of Tehran state universities (N=1000). According to Krejcie and Morgan Table, 270 subjects were selected with stratified random sampling method. Structural Equation Modeling (SEM) was used for modeling. The results showed that information literacy had a direct effect on entrepreneurial capability (pc=0.19) and creativity (pc=0.44). “The ability to access information” (factor loading=0.81), “the ability to use targeted information” (0.76), “the ability to understand the legal and economic information” (0.33), “the ability to critically evaluate information” (0.31) and “the ability to understand the extent and nature of the information” (0.16) played the most important roles in influencing entrepreneurial capability and creativity. Also, creativity (pc=0.28) had a direct effect on entrepreneurial capability. Regarding these results, it is necessary to put on appropriate educational content and also effective education related to improving information literacy in the curriculum of physical education students in order to develop their entrepreneurial capabilities as well as creativity.