The study investigated the relationship between human capital development and organizational innovation in Nigerian banks. The objectives of the study was to ascertain the extent to which human capital development impacts on organizational innovation measures such as product, process and market innovation. A cross-sectional survey was conducted on 217 top and middle level management staff of 17 identified banks in Rivers, Bayelsa and Delta state, using purposive sampling. Descriptive data were generated from the questionnaire and the Spearman’s Rank Order Correlation Coefficient was deployed to test the hypotheses, aided by the Statistical Package for Social Sciences version 22. Results indicated a positive and significant relationship between human capital development and organizational innovation. Thus, findings revealed that higher levels of human capital development are associated with increase in organizational innovation. Based on the findings, it was concluded that Nigerian banks will harvest innovation benefits if they develop their human capital. This study therefore recommends that organizations should invest in human capital development programs.