In consideration of the three stages of expansion in higher education in Taiwan, the major purpose of this study was to examine the degrees of and changes in the underutilization of the college-educated labor force whose work experience was no longer than two years. The data of the 1984, 1993, and 2001 Manpower Utilization Survey were analyzed, and the results indicated that: first , both the probability and the degree of having an inadequate number of working hours continually increased from 1984 to 2001; second, the probabilities and degrees of receiving low earnings, and of there being a mismatch of education and occupation, and of discipline and occupation gradually decreased between 1984 and 2001; last, the rate and probability of unemployment remained almost stable between 1984 and 2001. Generally speaking, no significant edvidence was found to support the argument that the expansion of higher education has had the result of worsening the degrees of and changes in the underutilization of the college-educated labor force in Taiwan.