In the macro-environment of current social development, medical college students’ employment, entrepreneurship has become a hot issue of social concern. Innovation and entrepreneurship education is to cultivate personnel with basic qualities of entrepreneurship and pioneering personality, which requires entrepreneurial awareness, innovative spirit for talents. Also, it should orient to the society, provide targeted educational activities for talents who have already started undertaking or have entrepreneurial planning to cultivate their entrepreneurial ability and innovative thinking in stages and levels. Innovation and entrepreneurship education is helpful to cultivation of innovative spirit and innovation ability of medical college students, and it is also an indispensable condition for cultivating medical students’ employability. This paper defines employability of medical college student, analyzes importance of cultivation of the ability. It expounds the role of innovation and entrepreneurship education in improving employability of medical college students, finds the three acting points for cultivating medical college students’ employability in innovation and entrepreneurship education, and ultimately establishes the path for enhancing medical college students’ employability in innovation and entrepreneurship education, laying a solid theoretical foundation for improving medical college students’ employability. In the innovation and entrepreneurship education of medical college students, it is emphasized that students should have strong creativity in entrepreneurial sense, have close contact with industrial development, provide corresponding service to industrial development and seek sustainable development of entrepreneurial project.