Innovation and entrepreneurship practices increasingly play a pivotal role in enhancing college students’ comprehensive qualities and employment competitiveness. Deepening the understanding of their relationship is crucial for advancing higher education and addressing graduate employment challenges. Based on the Theory of Planned Behavior, the following research hypotheses are formulated, and a conceptual model was built employing Pearson correlation coefficients and multiple linear regression. With regard to this theory, the research explores the impact of innovations and entrepreneurial initiatives on graduates’ employability on a multidimensional basis. It turns out that gender, academic performance, and major are significantly correlated with graduate employability and its various components. Furthermore, innovation and entrepreneurship activities prove to exert a significant positive influence on graduate employability and its components at the 0.01 significance level. This confirms that such activities promote graduate employability, thereby validating the research hypotheses.