This paper investigates the impact of human capital, social capital, career planning behavior, protean career orientation and core self-evaluations on students' academic and life satisfaction in China, with the mediation effect of perceived employability and moderation effect of perceived labor market conditions. Data were collected by distributing online questionnaires to 1155 students in three types of universities. All the hypothesized direct paths and the mediation effects were supported. The moderation effect was partially supported. Perceived employability contributes to positive evaluations about life and academic work, and the perception of labor market condition could be enhanced to improve students' academic evaluations.