Technically speaking, the Capetian dynasty reigned in France from the accession of Hugues Capet in 987 until the deposition of Louis-Philippe in 1848. All the monarchs between these years were legitimate descendants in the male line of Hugues Capet. This is not the case concerning English monarchs, some of whom are descended through female lines (James I, George I, Edward VII, for example). For convenience, the French dynasty is broken into sub-dynasties such as Valois and Bourbon.
The Valois dynasty is said to have come to the throne in 1328 when Charles VI died without direct male heirs, and the throne passed to Philippe, comte de Valois, grandson of Philippe III, and he ascended the throne as Philippe VI. The Valois continued until 1498, when Charles VIII died without heirs. The crown passed to the late king's second cousin once removed, Louis, duc d'Orléans, who became Louis XII of the house of Valois-Orléans. Unfortunately, he died without heirs as well, and the throne passed to his first cousin once removed, François d'Orléans, duc d'Angoulême, who became François Ier of the house of Valois-Angoulême or Valois-Orléans-Angoulême.
The Valois house came to a definitive end with the death of Henri III in 1589. He was succeeded by Henri de Bourbon, king of Navarre (and direct descendant of Louis IX) who became Henri IV of France. All subsequent French kings were his direct male descendants. The current king of Spain is in fact head of the house of Bourbon.
Despite all these divisions into Capet, Valois, Bourbon, all French kings since 987 have all been members of one family traceable through the male line back to Hugues Capet himself.