This study aims to understand the sufficient, necessary, and critical factors of students' perceived employability (PE). It employs an innovative combination of Partial Least Squares Structural Equation Modeling (PLS-SEM), Necessary Condition Analysis (NCA), and Importance-Performance Matrix Analysis (IPMA). PE is conceptualized as five dimensions: human capital (HC), social capital (bonding social capital, BOSC, and bridging social capital, BRSC), career self-management behavior (CSMB), protean career orientation (PCO), and labor market condition (LMC). Participants were 1155 university students in China. The findings highlight the importance of HC as an essential and influential component of perceived employability. Furthermore, they demystify the nuanced roles of BOSC and BRSC and emphasize their complementary nature in fostering employability confidence. The study also reveals the necessity of considering LMCs, which often dictate the realistic prospects of employment. A noteworthy revelation is the interplay between CSMB, as a vital active ingredient, and PCO as the foundational mindset. Theoretically, this study pioneers the investigation of the determinants of PE by employing both sufficiency and necessity logics. Practically, combining these analytical approaches could lead to more effective and informed decision-making.