This study investigated the relationship between the perceived authentic leadership of college students and their innovation behavior according to social cognitive theory and further explored the mediating effect of trust climate and creative self-efficacy on this relationship. A questionnaire survey was conducted, and more than 847 samples were collected from college students in China. The results revealed that the perceived authentic leadership of college students had a significant and positive impact on their innovation behavior. Trust climate had a partial mediating effect on the relationship between college students' perceived authentic leadership and innovation behavior. In addition, creative self-efficacy had a partial mediating effect on the relationship between college students' perceived authentic leadership and innovation behavior. Furthermore, trust climate and creative self-efficacy had a serial mediating effect on the relationship between college students' perceived authentic leadership and innovation behavior. These results provide theoretical and practical evidence of college students' innovation behavior.