During the "14th Five-Year Plan" period and beyond, actively guiding college graduates to engage in key industries of the service sector is an important means of addressing the labor market's demand for employment under new circumstances, fully tapping into high-skilled human resources, and ensuring stable employment for young people. Based on the data from the China Statistical Yearbook from 2010-2022, macroeconomic data from the 2018 Chinese Economic Census, and the data from the A-share listed companies in the China Stock Market & Accounting Research Database from 2010-2021, this study employs the multidimensional fi xed-effects model and other methods to estimate the talent gap in key industries of the service sector. The study identifi es three types and characteristics of talents urgently needed in key service industries. The fi ndings indicate that currently there is a coexistence of labor shortages and diffi culties in recruitment in talent education and training. The problems of focusing on knowledge over practice and a mismatch between education levels and abilities are prominent. Education and guidance on young people's employment concepts are relatively limited. The study suggests that the education sector should improve professional settings and training programs, whilst the enterprises and universities should actively promote internship programs for college students, enhance university-industry cooperation, and improve college students' vocational skills. Moreover, both universities and society should actively guide college students in developing the correct employment concepts.