Developing high‐efficiency electromagnetic (EM) wave absorbing materials with light weight, thin thickness, and wide absorption bandwidth is highly desirable for ever‐developing electronic and telecommunication devices. Herein, hierarchical metal–organic framework (MOF)‐derived Co/C@V2O3 hollow spheres were designed and synthesized through a facile hydrothermal, precipitation, and pyrolysis method. The composite exhibits both excellent impedance matching and light weight due to the rational combination of hollow V2O3 spheres and porous Co/C. Additionally, multiple components enable a large dielectric and magnetic loss of the composite, giving rise to enhanced EM wave absorption performance with a maximum reflection loss (RL) of −40.1 dB and a broad effective absorption bandwidth (RL < −10 dB) of 4.64 GHz at a small thickness of 1.5 mm. This work provides insights into the design of hierarchical hollow and porous composites as thin and lightweight EM wave absorbers with efficient absorption, which can also be extended to energy storage, catalysis, and sensing.