Microwave absorption materials (MAMs) were originally developed for military purposes, but have since evolved into versatile materials with promising applications in modern technologies, including household use. Despite significant progress in bench‐side research over the past decade, MAMs remain limited in their scope and have yet to be widely adopted. This review explores the history of MAMs from first‐generation coatings to second‐generation functional absorbers, identifies bottlenecks hindering their maturation. It also presents potential solutions such as exploring broader spatial scales, advanced characterization, introducing liquid media, utilizing novel toolbox (machine learning), and proximity of lab to end‐user. Additionally, it meticulously presents compelling applications of MAMs in medicine, mechanics, energy, optics, and sensing, which go beyond absorption efficiency, along with their current development status and prospects. This interdisciplinary research direction differs from previous research which primarily focused on meeting traditional requirements (i. e., thin, lightweight, wide, and strong), and can be defined as the next generation of smart absorbers. Ultimately, the effective utilization of ubiquitous electromagnetic waves, aided by third‐generation MAMs, should be better aligned with future expectations.This article is protected by copyright. All rights reserved