In recent years, the attention has increasingly been paid to English education in China, which can be seen from the large amount of resources invested by both the state and individuals alike. Thus, the labor market returns brought about by such a large amount of investment are also worthy of attention. The labor market returns of English education can be divided into human capital investment return and signal effect return. The studies suggest that the more English is used in practical work, the higher the salary income is. This is evidence for English education as a return on human capital investment. However, for those who seldom use English in their work, passing CET-4 and CET-6 also have a significant impact on their salaries, reflecting the signaling function of English education. The survey shows that the signal function of English education is the main aspect of the labor market return of English education. Therefore, China's English education is over-educated, which leads to inefficient allocation of resources. It suggests that the national English education policy be adjusted in a timely manner.