This article dissects the current conjuncture facing Chinese international students in the U.S. higher education, situating their experiences within the history of Asian racialization. By examining key moments of the racialization of Chinese students in the US – 1949–1959, 2006–2017, and the period following 2018 – it illuminates how the intricate interplay of domestic racial politics and geopolitics have contributed to the paradoxical portrayal of Chinese students as both desirable and disposable within American racial capitalism. As they navigate their multifaceted roles as knowledge workers and prime consumers of educational services, these students encounter the challenges of an evolving neoliberal multiculturalism and fluctuating U.S.-China relations, placing them at the center of America’s ongoing political tensions. This exploration enhances our understanding of international student mobility, bridges discussions between critical race studies and geography of race, and introduces a fresh racial perspective to the field of education geography.