Abstract: Rebuilding social networks is the key to obtain entrepreneurial information and resources for returning entrepreneurs.This paper explores the impact of the degree of Internet embedding and social initiative on the social network of returning entrepreneurs, using returning entrepreneurs' social initiative as the moderator, building a conceptual model.Based on a sample of 225 returning entrepreneurs, this paper has an empirical test.The results show that:the higher of the degree of internet connection, matching, and social initiative of returning entrepreneurs, the more they will promote the expansion of social networks and the maintenance of network relationships, but the internet's sense of sacrifice will have a negative effect on the social networks of returning entrepreneurs;social initiative plays a positive regulatory role between internet embedding and social networks.