Researchers　have　paid　little　attention　to　the　situation　of　revenue　diversification　in　social　enterprises.　This　paper　addresses　this　issue　by　exploring　the　nature　of　revenue　diversity　in　social　enterprises　in　China,　and　its　relationship　with　financial　health.　A　logistic　regression　analysis　for　a　sample　of　372　social　enterprises　indicated　that　the　enterprises　had　low　levels　of　revenue　diversification,　and　their　revenue　structures　varied　among　the　subsectors　in　which　they　operate.　Revenue　diversification　had　a　significant　negative　impact　on　financial　health,　but　the　effects　were　more　than　offset　after　considering　the　total　income.　Implications　for　social　entrepreneurs　are　discussed.