As an emerging mode of education, the mixed-ownership operation of vocational colleges is moving towards self-reliance. Mixed-ownership operation is a model of vocational education jointly funded and implemented by two or more entities with different ownership types, characterized by diversified property rights structure, diversified governance entities, and market-oriented operating mechanisms. Based on the analysis of theoretical logic, policy logic, and action logic, it is found that mixed-ownership operation has problems such as incomplete laws and regulations, ambiguous legal person attributes, contradictions between the public welfare nature of education and the profit seeking nature of social capital, complex corporate governance structures, poor internal operation, and imperfect supervision and evaluation systems. Thus, it is necessary to improve the legal and regulatory system, clarify the legal person attributes, balance the public welfare nature of education and the profit seeking nature of capital, optimize the corporate governance structure, improve the internal governance level, establish and improve supervision mechanisms and evaluation systems, and promote the healthy and sustainable development of mixed-ownership operation.