Due to the advancements in the electronics industry, the demand for new electromagnetic interference (EMI) shielding and microwave absorption (MA) materials has increased significantly in recent decades. Researchers are investigating a variety of new materials to replace conventional metal sheets in response to these growing demands. Consequently, there is a growing interest in lightweight EMI shielding materials that can meet the demand for lightweight and highly integrated electronic equipment. 2D structural transition metal dichalcogenides (TMDCs) are good candidates for EMI shielding and MA due to their unique properties. This article examines the latest developments in TMDCs and their composite nanomaterials, focusing on their EMI shielding effectiveness and MA performance. The investigation includes a thorough examination of these materials’ shielding effectiveness, maximum reflection loss value, and effective absorption bandwidth. Moreover, this review analyzes the challenges and opportunities that arise in the development of TMDCs.