Abstract: This paper builds a conceptual model with self-efficacy as the independent variable, employment anxiety as the dependent variable, and human capital and employment expectations as the moderator variables. Through statistical analysis of the sample data, the author then evaluates the effect of self-efficacy on employment expectation and employment anxiety respectively and reaches the following three results. Firstly, self-efficacy has negative effect on employment expectations and employment anxiety. Secondly, the human capital plays a modulatory role for employment expectations and employment anxiety. And when college students have high employment expectations, self-efficacy has stronger effect on employment anxiety than when they have low employment expectations. Thirdly, employment expectations have a significant positive effect on employment anxiety. According to those results, this paper concludes with the specific effect of each dimension of human capital on college students' employment expectations and employment anxiety.