With the rapid development of information technology and social media, it becomes easier and more frequent for social network members to contact each other. College students are able to obtain information and acquire knowledge through social network learning in a more convenient manner. Does social network learning have an impact on graduates’ employability? Previous literature has primarily focused on how to improve their employability in undergraduate programs or the influence of social networking on the employment of graduates, but there has been little research concerning whether social network learning can help the formation of graduates’ employability. College students’ employability includes professional knowledge and skills, vocational perception and personality traits, which are gradually formed in the course of their college studies to cater to the needs of their future employers. In most Chinese literature, employability is measured by breaking it down into several dimensions, such as communicative skills, teamwork spirit and professional quality, and taking them as potential variables in a questionnaire. This approach fails to measure employability in a direct way, so its result is generally inadequate. The study carries out a direct measurement of new graduates’ employability by their perception of the specific requirements for a particular position. This measurement rules out such interference factors as majors, family backgrounds and the macro-environment. Existing literature has not yet defined the social network learning mode. According to the ways of communication between college students and social network members, this paper divides social network learning into two categories: an interactive learning mode based on two-way instant or delayed communication and an imitation learning mode based on one-way learning. Based on the data collected from a questionnaire survey of 1，966 fresh graduates, the study applies hierarchical regression analysis to verify the positive impact of professional knowledge and skills, vocational perception and personality traits on employability, as well as the positive influence of imitation learning and interactive learning in the social network on employability. The path analysis of structural equation model reveals that interactive learning in social networks can improve the graduates’ professional knowledge and skills, vocational perception and personality traits, thus promoting their employability while imitation learning in social networks can improve their vocational perception and personality traits, thereby boosting employability though it has no significant impact on professional knowledge and skills. The results show that social network learning has become a crucial avenue to foster graduates’ employability. This paper provides a fresh perspective to the study of the development of graduates’employability in the era of social media and introduces a social network theory into the research field of graduates’ employability.