To explore the impact from internal locus of control on entrepreneurial intention of college students in China as well as the mediating effect of entrepreneurial alertness. The scales of internal locus of control, entrepreneurial alertness, and entrepreneurial intention have been used to conduct a questionnaire survey among 651 undergraduates from five universities in China. The results show four key findings. First, the internal locus of control has a positive and significant impact on entrepreneurial intention. Second, the internal locus of control has a positive and significant impact on entrepreneurial alertness. Third, the entrepreneurial alertness has a positive and significant impact on entrepreneurial intention. Finally, the entrepreneurial alertness plays a mediating role in the relationship between internal locus of control and entrepreneurial intention. This study provided a theoretical and practical reference for improving the entrepreneurial intentions of university students.