In recent years, the employment of college graduates has become a focus of higher education policy and research in China. This article analyzes data from the National College Graduate Survey conducted by Peking University between 2003 and 2009, and examines the trends and factors influencing the path chosen by college graduates. Results show that (1) due to intensified competition in the job market and the impact of the 2009 financial crisis, graduates make diverse choices, with an increasing proportion entering graduate school and nontraditional employment; (2) over one quarter of graduates are unemployed, with increased likelihood of unemployment attributed to gender, low socioeconomic status, rural origin, and insufficient educational and capital accumulation; and (3) employment choices are influenced by multiple factors, including individual differences, institution attended, the job market, and the macro socioeconomic environment. [Translated by Michelle LeSourd.]