Strontium ferrite nanoparticles were prepared by a coprecipitation method, and reduced graphene oxide/strontium ferrite/polyaniline (R-GO/SF/PANI) ternary nanocomposites were prepared by in situ polymerization method. The morphology, structure, and magnetic properties of the ternary nanocomposites were investigated by X-ray powder diffraction (XRD), Fourier transform infrared spectroscopy (FT-IR), TEM, Raman, and VSM. The microwave-absorbing properties of the composites were measured by a vector network analyzer. The XRD patterns show the single phase of strontium hexaferrite without other intermediate phases. TEM photographs reveal that strontium ferrite nanoparticles are uniformly dispersed on the surfaces of R-GO sheets. The R-GO/SF/PANI nanocomposite exhibited the best absorption property with the optimum matching thickness of 1.5 mm in the frequency of 2–18 GHz. The value of the maximum RL was −45.00 dB at 16.08 GHz with the 5.48-GHz bandwidth. The excellent absorption properties of R-GO/SF/PANI nanocomposites indicated their great potential as microwave-absorbing materials.