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This study examines how multiple forms of capital shape PhD graduates’ employability in China’s competitive academic labour market. Drawing on Tomlinson’s graduate capital model and Bourdieu’s concepts of field and habitus, we analysed interviews with 27 early-career academics (11 domestic PhDs and 16 PhD returnees). Findings reveal that while human, social, and cultural capitals are essential, their convertibility depends on alignment with field-specific norms. Returnees often face symbolic misrecognition despite strong credentials, while domestic PhDs benefit from embedded networks. Identity, psychological, and economic capital further influence career navigation. We also introduce “fortune” as a socially structured form of contingency. This research highlights the need for a more context-sensitive understanding of graduate employability shaped by institutional power and symbolic hierarchies.