The present study examined Chinese speakers’ knowledge of English polysemous phrasal verbs (PVs) and factors that may constrain the development of PVs. The intermediate and advanced learners judged the acceptability of 100 senses of 50 PVs. Results indicate that both the intermediate and the advanced learners tended to favor the high-frequency senses (51.2%∼67.2%) of PVs but disfavor the low-frequency senses (32.9%∼46.3%) of PVs. PV frequency, semantic transparency, and time spent reading books and watching films/TV could predict the advanced learners’ mastery of the high-frequency senses, while PV frequency and preemption could predict their mastery of the low-frequency senses. Semantic transparency, PV frequency, and preemption could predict the intermediate learners’ knowledge of the high-frequency senses, while semantic transparency, frequency of high-frequency senses, and preemption could predict their acceptance of the low-frequency senses. No reliable relationship was detected among the learners’ PV knowledge, entrenchment, time spent in second language immersion, listening to music, and communicating with others for the two groups.