This study presents a model that simulates the pulmonary capillary perfusion. The model describes the lungs as divided into horizontal layers and includes: capillary geometry; capillary wall elasticity; pressure at the pulmonary artery; blood viscosity; the effect of the chest wall; the change in lung height and hydrostatic effects of the lung tissue and of the blood during breathing. The model simulates pulsatile blood perfusion with an increasing blood distribution down the lungs, in agreement with previous experimental studies. Moreover the model is in agreement with experimentally measured total capillary perfusion, total capillary volume, total capillary surface area and transition time of red blood cells passing through the pulmonary capillary network. The presented model is the first to be validated against the mentioned experimental data and to model the link between airway pressure, lung volume and perfusion.