Combining ultrahigh‐performance concrete (UHPC) with graphene oxide (GO) and γ‐Fe2O3 nanoparticles, the γ‐Fe2O3/GO/UHPC composite wave absorbing material has a broad application prospect in the field of military and civil wave absorbing and shielding. Herein, the physical characteristics and wave absorption properties of monolayer γ‐Fe2O3/GO/UHPC composite plate are investigated and analyzed. Then, the multilayer γ‐Fe2O3/GO/UHPC composite absorbing material with three layers of doped ceramics, resin, and air layer is optimized by orthogonal experiments and particle swarm optimization (PSO) algorithm. The results show that the influence of the three kinds of media on the doped composite plate is as follows: steel fiber is larger than γ‐Fe2O3 and lager than GO. When the contents of γ‐Fe2O3 and GO steel fiber in single‐layer Fe2O3/GO/UHPC composite board are 1.9%, 0.2%, and 1.5%, respectively, the wave absorption effect is the best at −15.603 dB. The reflectivity of multilayer γ‐Fe2O3/GO/UHPC composite plate with ceramic, resin, and air layer is −4 to −19 dB, −1 to −20 dB, and 0 to −25 dB, respectively. The reflectivity of the multilayer γ‐Fe2O3/GO/UHPC composite plate optimized using PSO algorithm is in the range of −10 to −20 dB, and the effective bandwidth is 2–18 GHz.