Where have the migrant students gone after junior high school? What do their educational and vocational future look like? This paper provides some preliminary answers to these questions based on a 5-year longitudinal study of 1866 migrant students from 50 privately-run migrant schools in 10 districts in Beijing.The following are the findings: (1) Those sample migrant students have a relatively low educational attainment with fewer than 40% students enrolled at high school level (including vocational high schools) and fewer than 6% in colleges.This is also indicated in the fact that there is a higher percentage of students in vocational schools than that in academic ones at the high school level and more than half of those college students are in vocational colleges and independent higher education institutions.(2) They do not have decent jobs，and they have a relatively lower rate of employment.Only 2/3 of these out-of-school sample students have jobs，but all at the lower end of the service sector with an average monthly wage ranging between 2500-3000RMB.About 10% of them is reported to have been self-employed and some 13-21% jobless.(3) A majority of them are still staying in Beijing.More than two thirds of those enrolled in vocational high schools and more than 30% of those enrolled in colleges as well as 75% of those jobless out-of-school migrant students are in Beijing.(4) Some of those sample migrant students have begun to have their own children.This means that migrant children are starting the reproduction of a new generation of the same social status.The study also analyzes the institutional reasons for the “failed education dream”,“cheap vocation dream” and “stubborn dream of staying in Beijing” among migrant students，and its policy implications.