This study addresses the challenge of designing simple and environmentally friendly methods for the preparation of effective electromagnetic wave (EMW) absorbing materials with tailored microstructures and multi‐component regulation. N, O doped walnut‐like porous carbon composite microspheres loaded with FeCo nanoparticles (WPCM/Fe–Co) are synthesized through high‐temperature carbonization combined with soap‐free emulsion polymerization and hydrothermal methods, avoiding the use of toxic solvents and complex conditions. The incorporation of magnetic components enhances magnetic loss, complementing dielectric loss to optimize EMW attenuation. The unique walnut‐like morphology further improves impedance matching. The proportions of Fe and Co components can be adjusted to regulate the material's reflection loss, thickness, and bandwidth, allowing for fine‐tuning of absorption performance. At a low filling ratio (16.7%), the optimal WPCM/Fe–Co composites exhibit a minimum reflection loss (RLmin) of −48.34 dB (10.33 GHz, 3.0 mm) and an overall effective absorbing bandwidth (EAB) covering the entire C bands, X bands, and Ku bands. This work introduces a novel approach to composition regulation and presents a green synthesis method for magnetic carbon composite absorbers with high‐performance EMW absorption at low loading.