The rapid development of 5G communication technology has led to serious electromagnetic wave pollution, and as a result, it is urgent to develop high-performance microwave absorption materials (MAMs) conducive to reducing electromagnetic pollution, which has great use in both the military and civilian fields. In this review article, we first introduce the absorption theory of microwave absorption materials. Then, the recent research progress in microwave absorption materials categorized as dielectric loss MAMs, magnetic loss MAMs, and electromagnetic synergistic loss MAMs are profoundly reviewed according to absorption mechanism. Subsequently, we proceed to review recent achievements in combining wave absorption with other functions including hydrophobicity, infrared stealth, and selfhealing, aiming at developing advanced multifunctional MAMs adapted to various extreme environments during practical applications. Finally, the challenges are presented, and prospects for potential opportunities in this rapidly blossoming field are discussed accordingly. We hope this critical review is timely, which could provide guidance for those who are committed to designing absorbers with better fundamental understanding and practical application.