This paper aims to further understand the future development of literacy theory and language learning in contemporary Chinese universities through the research on the current situation of EFL students' literacy in Chinese universities and the teaching characteristics of contemporary Chinese teachers. In this study, literature analysis method, literature comparison analysis method, literature synthesis method and other analytical methods were used to obtain the results. Based on our results, the lack of literacy training is an extremely important reason for the defects of literacy skills of contemporary Chinese college EFL students in the process of language learning. The strengthening of literacy training is one of the key measures to improve the comprehensive level of literacy of contemporary Chinese college EFL students in the process of their language learning. Theoretically, the future development of literacy theories and language learning among contemporary Chinese college EFL students is bound to closely connect with the new theory of multiliteracies and critical literacy in literacy development and the multiliteracies teaching methodology in language learning. Practically, the new theory of multiliteracies puts forward a series of hypotheses for school literacy education to cope with the drastic changes facing the world today. At the same time, the critical literacy theory is rooted in critical education theory, focusing on the important role of literacy in the formation of individual human values. Besides, the multiliteracies teaching methodology in language learning explores how to change traditional teaching methods, effectively using multimedia resources, and cultivating language learners' skills of multiliteracies.