Flexible paper-based materials play a crucial role in the field of flexible electromagnetic shielding due to their thinness and controllable shape. In this study, we employed the wet paper forming technique to prepare carbon fiber paper with a thickness gradient. The electromagnetic shielding performance of the carbon fiber paper varies with the ladder-like thickness distribution. Specifically, an increase in thickness gradient leads to higher reflectance of the carbon fiber paper. Within the X-band frequency range (8.2–12.4 GHz), reflectivity decreases as electromagnetic wave frequency increases, indicating enhanced penetration of electromagnetic waves into the interior of the carbon fiber paper. This enhancement is attributed to an increased fiber content per unit area resulting from a greater thickness gradient, which further enhances reflection loss and promotes internal multiple reflections and scattering effects, leading to increased absorption loss. Notably, at a 5 mm thickness, our carbon fiber paper exhibits an impressive average overall shielding performance, reaching 63.46 dB. Moreover, it exhibits notable air permeability and mechanical properties, thereby assuming a pivotal role in the realm of flexible wearable devices in the foreseeable future.