This paper explores the role of geographical mobility in reducing overeducation risks in recent university graduates in Spain based on a sample from the Survey of Labour Insertion of University Graduates 2019 (EILU-2019). We distinguish between different moments for mobility and whether it took place across regions within Spain or overseas. We also consider graduates' family background (parents with tertiary education versus the rest) and distinguish between those who pursue graduate education and the rest. Geographical mobility is associated with lower overeducation risks; but once the factors that explain self-selection in mobility are considered, our results are nuanced, and returns on prior and subsequent mobility or intranational and international migration are no longer relevant or different across socioeconomic groups.