The ongoing COVID-19 pandemic has created challenges for young people in the labor market. Based on an evolutionary life history perspective, we tested how and when perceived scarcity of job opportunities during the pandemic related to job search outcomes. Using a sample of Master's student graduates (N = 1434; 40.2% female; mean age 25.6 years) from one Chinese university, we found that scarcity was related to higher anxiety, which then related to more haphazard job search strategies and, in turn, to fewer job offers and poorer person-job fit. Anxiety also related to more exploratory strategies and then to more offers and better fit. In addition, scarcity related to poorer fit through decreased focused strategies. Finally, the direct relationship between scarcity and anxiety, as well as the indirect relationships with job search outcomes, were amplified for those from disadvantaged backgrounds. Findings support life history theory and have implications for career practice.