Effectively improving employment stability is the key to accelerating the sustainable development of Chinese-style labor migration. Based on a household questionnaire survey, combined with the characteristics of labor migrants, this study uses SEM to analyze the factors that affect the employment stability of labor migrants. The results show that the data fit the model well, and all the hypotheses proposed in this study are supported. The factors affecting the employment stability of labor migrants are threefold: relocation satisfaction is the premise, relocation adaptability is the key, and subjective human capital-dedicated status is the foundation. Observed variables that have a significant impact on latent variables are also explored. The main survey results show that labor migrants have high relocation satisfaction and relocation adaptability, and subjective human capital and employment status are relatively low. According to the research results, measures are put forward to further improve the employment stability of labor migrants.