Developing lightweight, high‐performance electromagnetic wave (EMW) absorbing materials those can absorb the adverse electromagnetic radiation or waves are of great significance. Transition metal carbides and/or nitrides (MXenes) are a novel type of 2D nanosheets associated with a large aspect ratio, abundant polar functional groups, adjustable conductivity, and remarkable mechanical properties. This contributes to the high‐efficiency assembly of MXene‐based aerogels possessing the ultra‐low density, large specific surface area, tunable conductivity, and unique 3D porous microstructure, which is beneficial for promoting the EMW absorption. Therefore, MXene‐based aerogels for EMW absorption have attracted widespread attention. This review provides an overview of the research progress on MXene‐based aerogels for EMW absorption, focusing on the recent advances in component and structure design strategies, and summarizes the main strategies for constructing EMW absorbing MXene‐based aerogels. In addition, based on EMW absorption mechanisms and structure regulation strategies, the preparation methods and properties of MXene‐based aerogels with varieties of components and pore structures are detailed to advance understanding the relationships of composition‐structure‐performance. Furthermore, the future development and challenges faced by MXene‐based aerogels for EMW absorption are summarized and prospected.