This study aimed to (1) explore the configuration of vocational identity status among emerging adults with and without hearing impairment using latent profile analysis, and (2) investigate the relationships between vocational identity status and self-esteem and subjective well-being. In total, 408 students without disabilities and 432 with hearing impairments from two Chinese higher institutions participated in the study. The Vocational Identity Status Assessment, Rosenberg Self-Esteem scale, Satisfaction with Life Scale, and Positive and Negative Affect were used to assess the major variables. The results derived five latent profiles (achieved, foreclosed, searching moratorium, undifferentiated, and diffused) of vocational identity in the present sample. The students were over-represented in undifferentiated profiles and under-represented in achieved and foreclosed ones. Hearing impairment significantly affected vocational identity status profile membership. The results showed that emerging adults with achievement and foreclosure statuses displayed healthy psychological outcomes, having the highest self-esteem, life satisfaction, and positive affect, and the lowest negative affect. In contrast, the diffused group showed the most disturbing pattern with the lowest self-esteem, life satisfaction, and positive affect, and the highest negative affect. The research findings reveal some notable issues in vocational identity status for emerging Chinese adults, raising concerns about the influence of hearing impairment on vocational identity formation, and provide implications for Chinese society to facilitate college students’ career development process to promote their vocational identity status and enhance their self-esteem and subjective well-being.