This study investigates the relationship between career development learning (CDL) and students’ perceived employability (SPE) with the mediating role of human capital. Using a quantitative method based on structured questionnaires to collect data from 512 Vietnamese students before starting their internship at businesses and 322 of them after 4 months, the results of the partial least square Structural Equational Model analysis showed that CDL positively affects SPE over time. Besides, the study explored the mediating effect of human capital in the relationship between CDL and SPE. In particular, scholastic capital and cultural capital play mediating roles while social capital failed to be in the relationship between CDL and SPE. This study is expected to enrich current literature on students’ employability and human capital theory. From practical aspects, the findings of this work can be of benefit to higher education institutions in supporting their students to enhance their employability in labour market.