This study provides a conceptual framework for understanding how the graduate acquire employability through the social network in the Chinese context, using insights from the social network theory. This paper builds a conceptual model of the relationship among social network, social network learning and the graduate employability, and uses structural equation analysis method to conduct an empirical test on the theoretical hypothesis, based on a sample of 1468 fresh graduates of business discipline from the local university in Zhejiang province of China. The findings suggested that social network is one of the important platforms for graduate to acquire employability in China, the scale of social network, social network heterogeneity and the strength of the relationship have positive effects on the formation of graduate employability. The acquisition mode of employability based on the social network can be divided into imitation learning, communication learning, accepting guidance, these three kinds of learning mode have positive effects on the formation of graduate employability, and play a mediating role in the relationship between social networks and graduate employability. University graduate should pay attention to the shaping of learning behavior based on social network to improve their employability in China.