This study explores the relationship among the internal locus of control, entrepreneurial alertness, entrepreneurial opportunity recognition, and entrepreneurial intentions of college students. The scales of internal locus of control, entrepreneurial alertness, entrepreneurial opportunity recognition, and entrepreneurial intention have been used to conduct a questionnaire survey among 921 undergraduates from four 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, entrepreneurial alertness plays a mediating role in the relationship between internal locus of control and entrepreneurial intention. Third, entrepreneurial opportunity recognition plays a mediating role in the relationship between the internal locus of control and entrepreneurial intention. Finally, entrepreneurial alertness and entrepreneurial opportunity recognition have a chain mediation effect on the relationship between the internal locus of control and entrepreneurial intention. The study proposes suggestions and future research directions based on the research results, serving as a reference for entrepreneurial education and entrepreneurship planning of college students.