The two Dimensional (2D) materials such as MXene and graphene, are most promising materials, as they have attractive properties and attract numerous application areas like sensors, supper capacitors, displays, wearable devices, batteries, and Electromagnetic Interference (EMI) shielding. The proliferation of wireless communication and smart electronic systems urge the world to develop light weight, flexible, cost effective EMI shielding materials. The MXene and graphene mixed with polymers, nanoparticles, carbon nanomaterial, nanowires, and ions are used to create materials with different structural features under different fabrication techniques. The aerogel based hybrid composites of MXene and graphene are critically reviewed and correlate with structure, role of size, thickness, effect of processing technique, and interfacial interaction in shielding efficiency. Further, freeze drying, pyrolysis and hydrothermal treatment is a powerful tool to create excellent EMI shielding aerogels. We present here a review of MXene and graphene with various polymers and nanomaterials and their EMI shielding performances. This will help to develop a more suitable composite for modern electronic systems.