A prosthetic mitral valve has an interior stent and an exterior mesh surrounding the interior stent. The prosthetic mitral valve is released from a capsule and self-expands within a native mitral valve. The exterior wire mesh has a first portion with an enlarged diameter sized for placement above a mitral annulus and a second portion with a reduced diameter for contacting the mitral annulus. Capturing elements are provided on the interior stent. The capturing elements extend in a ventricular direction beyond the exterior wire mesh and then turn in an atrial direction for trapping native mitral leaflets against an outer surface of the wire mesh. A plurality of valve leaflets is provided within the interior stent for replacing the function of the native mitral valve.