As the labor market for PhD graduates shifts to non-academic employment, PhD students increasingly need to be prepared for work in a more diverse range of industries. Higher education institutions are being encouraged by the Australian Government to ensure their PhD programs are better preparing students for future work, including stronger engagement with industries. This chapter reviews the demands and challenges of PhD student employability and career preparedness, and considers ways to prepare PhD students for contemporary work in different industries. It highlights the stakeholder benefits of educator–industry collaboration in designing and delivering PhD programs, enhancing PhD graduates' employability to provide the building blocks for future economic growth and national prosperity. Recommendations for future research to expand knowledge and theory in this area are discussed.