ABSTRACT This study reports an ethnographic case study of a Chinese female English major of a working-class background – Faye (pseudonym) and her English learning and use experience in an elite community in the Chinese context. Drawing on the data collected from a 13-month longitudinal inquiry, the study employs Darvin and Norton’s [2015. ‘Identity and a Model of Investment in Applied Linguistics.’ Annual Review of Applied Linguistics 35:36–56. https://doi.org/10.1017/S0267190514000191] model of investment to explore her identity transformation through English-as-a-foreign-language (EFL) practices. Findings suggest that Faye’s investment in EFL practices appeared to transform with her evolving perceptions of EFL learning and imagined identities, which were shaped largely under the influence of neoliberal and humanities discourses. The study argues for a critical interrogation of the impact of neoliberalism on EFL learning and humanities education, cautioning against its tendency to constrain identity potentials and sustain structural inequalities. Pedagogical implications are suggested at the end of the article.