The relationship between transformational leadership and employee behavior has been a popular topic in organizational research. However, while various factors have been identified for the influence of transformational leadership on employee behavior, researchers have so far failed to explore the impact of transformational leadership on the turnover propensity of the new generation of knowledge workers in terms of a specific orientation. Based on the social exchange theory, this study explored the influence of transformational leadership on the turnover intention of the new generation of knowledgeable employees, considering the mediating role of person–organization fit and the moderating role of job embeddedness. Through using SPSS 25.0, Amos 24.0, and PROCESS 3.3 to analyze the data of 326 workers, the results showed that transformational leadership has a negative predictive effect on the turnover intention of the new generation of knowledgeable employees. Person–organization fit plays a partial mediating role between transformational leadership and the turnover intention of the new generation of knowledgeable employees. The relationship between transformational leadership and person–organization fit is positively moderated by job embeddedness. Therefore, there is a moderated mediation model between transformational leadership and the new generation of knowledgeable employees. This research is a good reference and guide for management practices between transformational leadership and the new generation of knowledge workers.