With the advancement of urbanization, returned migrant workers have gradually become a group that cannot be ignored, as they play an important role in the implementation of the rural revitalization strategy. When they are in cities, they are able to acquire knowledge and skills, thereby enhancing their human capital stock and facilitating their entrepreneurial activities after returning home. Their entrepreneurial ability consists of opportunity ability and operational management ability. The accumulated human capital includes knowledgebased human capital and skillbased human capital. In the logical framework of “work experiencehuman capitalentrepreneurial ability”, this paper uses the structural equation model, borrows the data obtained by our team in Anhui, Jiangxi and other provinces to conduct an empirical analysis of the relationship between the three. The results show that the number of jobchanging migrant workers in cities has a positive impact on the accumulation of knowledgebased human capital and skillbased human capital; both knowledgebased human capital and skilledbased human capital have a positive and almost the same impact on their entrepreneurial ability; the skillbased human capital has a greater positive impact on their operational management ability.