Based on the data from the population census and sampling survey, this paper constructs instrumental variable regression models to study how the use of industrial robots affects labor demand for workers with different skills, and how the demand shocks affect individuals' human capital investments in local labor markets under the development of artificial intelligence. The study finds that the use of industrial robots has substitution effects for low-skilled non-agricultural workers, while it creates job opportunities for high-skilled non-agricultural workers. The induced demand shocks further affect individuals' human capital investments. Specifically, the substitution of employment of the low-skilled significantly increases the probability of an individual entering regular college, and the boost of employment of the high-skilled significantly increases the probability of an individual entering both high school and regular college. However, both effects discourage human capital investments in vocational education. The results indicate that the popularization of artificial intelligence could promote human capital investments, improving population quality and mitigating the negative impact of population decline. Meanwhile, future policies should improve and support the integration of vocational education with the regular educational system to adapt to the labor demand changes brought by the artificial intelligence development.