Ceramic composites with nanoparticles are intensively investigated due to their unique thermal, mechanic and electromagnetic properties. In this work, dielectric properties of phosphate ceramics with round silver nanoparticles of various sizes were studied in the wide frequency range of 20 Hz–40 GHz for microwave shielding applications. The percolation threshold in ceramics is close to 30 wt.% of Ag nanoparticles content and it is higher for bigger-sized nanoparticles. The microwave complex dielectric permittivity of ceramics above the percolation threshold is rather high (ε′ = 10 and ε″ = 10 at 30 GHz for ceramics with 50 wt.% inclusions of 30–50 nm size, it corresponds to almost 61% absorption of 2 mm-thickness plate) therefore these ceramics are suitable for microwave shielding applications. Moreover, the microwave absorption is bigger for ceramics with a larger concentration of fillers. In addition, it was demonstrated that the electrical transport in ceramics is thermally activated above room temperature and the potential barrier is almost independent of the concentration of nanoparticles. At very low temperature, the electrical transport in ceramics can be related to electron tunneling.