This disclosure relates to a capsule (1) for making a beverage, containing a powdered food substance (8) which enables a beverage to be made by passing water through it. The capsule (1) comprises a cup-shaped containment body (2), in turn comprising a tubular lateral wall (21) and a bottom portion (22), and a closing element (29) that closes the top of the containment body (2). The bottom portion (22) has a dispensing hole (26) and the containment body (2) defines a containment chamber (20) inside itself. A filtering element (3) is mounted in the containment chamber (20) and is positioned between the powdered food substance (8) and the bottom portion (22). A dispensing element (5) is mounted in the containment chamber (20) and is positioned between the filtering element (3) and the bottom portion (22). The dispensing element (5) is intended to create a tortuous path for the beverage that flows towards the dispensing hole (26). A barrier impermeable to oxygen (6) is mounted in the containment chamber (20) and is interposed between the filtering element (3) and the dispensing element (5). The barrier impermeable to oxygen (6) is a sheet of flexible material fixed in an oxygen-tight way to the containment body (2) and intended to be torn during use, thereby allowing the beverage to pass through it. A flow throttling element (7) is mounted in the containment chamber (20) in a position interposed between the filtering element (3) and the dispensing element (5) and obstructs the passage cross-section for the beverage in the containment chamber (20). The flow throttling element (7) has at least one through opening (71) through which, in use, the beverage flows towards the dispensing element (5).