In the ever changing and unpredictable workplace, people are increasingly concerned with staying employable. In perceived employability research, the perceptions of being employable are regarded as a personal resource, with effects on enhancing subsequent wellbeing and reducing feelings of job insecurity. As university students in Hong Kong transit from higher education into the rapidly changing job market, they are also entering into a period of changes and uncertainties. Conceptualizing perceived employability as the perceptions about one’s own  ability to obtain sustainable employment appropriate to one’s qualification level (Rothwell at al., 2007), I have engaged into studies to investigate the development of perceived employability among university students in Hong Kong, mainly on the educational, vocational and relational antecedents, as well as how it is related to the process of career exploration and decision making among university students in their young adult development stage. This presentation introduces and analyzes key research findings, and discusses implications in further theory building and career guidance in higher education in Hong Kong and beyond.