Abstract: In recent years, the seriousness of unemployment of college graduates is becoming more striking. Is the plight of the employment of college graduates caused by the enrolment super-expansion? To answer this question, this paper tries to explain this phenomenon by the Unemployment and Job Hunting theories in Labor Economics; and on the basis of the analysis of the job market for the graduates and the comparison of the international experiences, this paper points out that the problem of college graduates unemployment has its root in the system, social and history. As a result, the present authors hold that the unemployment leads to a fake saturation of graduates, and suggest some countermeasures.