This study aims to investigate the levels of COVID-19 risk perception (CVRP), job insecurity (JI), and emotional exhaustion (EE) among Chinese hospitality employees to examine the mediating effect of JI on the relationship between CVRP and EE. The moderating role of employee mindfulness (MF) and perceived employability (PE) have also be examined. Data were collected from 652 hospitality employees in Shandong and Jiangsu Province, China. We used structural equation modeling (SEM) to test the hypothesized relationship among the variables. Significant relationships were found between hospitality employees' CVRP and EE (β = 0.103, p < 0.01), CVRP and JI (β = 0.168, p < 0.001), and JI and EE (β = 0.378, p < 0.001). According to the results, the higher level of the CVRP of hospitality employees, the higher level of the EE. In addition, results showed mediating effects of JI on the relationship between CVRP and EE. This study also found that MF buffered the positive relationship between CVRP and EE. Therefore, in the era of COVID-19, an effective support system at the organizational level is necessary to reduce JI and EE of hospitality employees.