While colleges and universities keep providing more applied talents to the job market, they cannot ignore the importance of cultivating their employability and improving their employment efficiency and quality. This paper takes the regular college and junior college in Zhejiang as examples, and uses the DEA model to estimate the employment efficiency and job seeking efficiency of their graduate. The results of the model indicate that, for applied college students, their employment and job seeking efficiency is not at the optimal level. Through Tobit model regression, this paper further analyzes how other potential factors affect the employment efficiency and job seeking efficiency and the degrees of these impacts. The results show that: all the factors to employability investment and employment output can be the reasons for the low employment efficiency and job seeking efficiency of college students; the employment efficiency is easily affected by the family financial situation and is positively correlated to family social capital; and the job seeking efficiency is more susceptible to gender, number of practices and level of effort in job seeking. In the end, this paper proposes suggestions on how to improve the employability of college students from the perspective of education supply.