In this paper, a kind of novel filaments/short fibers composite yarns containing stainless steel (SS) were produced by an innovative ring-spinning method. On the basis of the shielding mechanism of the electromagnetic (EM) shielding material, a method for fabricating a multifunctional SS composite fabric with EM shielding characteristics was successfully developed. Coaxial transmission line method was used to investigate the influences of different factors, such as radiant frequency, metal content, metal mesh size, and geometry, on electromagnetic shielding effectiveness (EMSE) of the composite fabrics in the frequency range of 15-3000 MHz. The notabilities of these factors were examined using analysis of variance (ANOVA). A regression model equation was setup using the above factors as variables, and verification of accuracy and practicability to this model was also carried out. The experimental results indicate that average EMSE of composite fabrics is 20.76-51.92 dB in the frequency of 15-3000 MHz, which indicates that the influence of the studied factors was considerable.