Employment mobility is a critical feature of immigrants' settlement experiences and longer‐term life chances. While current research typically treats mobility as a singular outcome, becoming established in a new labor market is a complex process that can entail multiple transitions in and out of employment and between different types of jobs over time. This article advances understanding of the process of immigrant labor market incorporation by engaging with its potentially multidimensional, cumulative, and path‐dependent aspects. Using data from the Longitudinal Survey of Immigrants to Canada, I test the impact of an empirically derived typology of month‐by‐month immigrant employment trajectories on the odds of occupational degradation and on weekly wages. I find that the pathways immigrants take through the labor market in their first four years constitute a distinct and important mechanism shaping later employment outcomes.