Based on the household survey data of 734 relocated migrants in Guizhou Province, this study selects 17 indicators from five major livelihood capitals, namely, natural capital, physical capital, financial capital, human capital and social capital, to construct a livelihood capital evaluation index system for relocated migrants. Using the system, we evaluate the dynamic change of migrants’ livelihood capital in the relocation project for poverty alleviation, to analyze the mechanism of the impact of the livelihood capital on the selection of livelihood strategies. The results show that, 1) Different types of resettlement sites lead differences in the changes of livelihood capital of immigrant families in the process of poverty alleviation and relocation. Among them, the improvement effect of the livelihood capital of the immigrants in the county settlement is the most obvious. From 2019 to 2022, the number of immigrant families with better and above levels of livelihood capital increased by 55.04%; 2) Social capital is the largest contribution dimension affecting the comprehensive change of livelihood capital, with a minimum impact of 38.87%; natural capital and material capital are the biggest obstacle dimensions, with the highest impact of 12.78% and 6.71%, respectively, and are also the factors that migrants need to pay attention to and take into account when they choose their livelihood strategies. 3) According to the characteristics of livelihood strategy type transformation and the difference of per capita income of immigrant families, it is found that the livelihood strategies adopted by migrants in the market town lead to the fastest growth in their per capita income, which reaches 59.05%, while the overall improvement of migrants’ families in the county town is more stable. Accordingly, the paper puts forward some optimization countermeasures, such as increasing the protection of cultivated land in central villages, promoting the consumption of migrants in market towns, strengthening the management of livelihood capital of migrants in county towns. 

livelihood capital, livelihood strategy, poverty alleviation and relocation, dynamic evaluation, path optimization, Guizhou Province