Electromagnetic shielding materials generated with the extensive application of electromagnetic wave have been utilized in military radar stealth, electromagnetic shielding of advanced electronic equipment, electromagnetic radiation protection, and other fields. With the quick development of Internet and electronic devices, a large number of electromagnetic waves flood into the living environment, affecting human life and health potentially. Meanwhile, further development and applications of terahertz (THz) electromagnetic detection technology challenge the research of electromagnetic interference shielding (EMIS). Therefore, EMIS materials have been developed toward the direction of high efficiency, wide bandwidth, and lightweight. However, traditional single metal-based and polymer-based EMIS materials cannot meet the demand. Current studies confirmed that graphene, especially graphene foam (GF)-based EMIS materials, has become one of the most potential EMIS materials in the field of electromagnetic wave loss and absorption due to its unique physical structure and excellent electrical and mechanical properties. GF, a three-dimensional graphene structure prepared from graphene and its derivatives not only fully utilizes the unique physical and chemical properties of graphene but also further reduces the density of EMIS materials and improves the EMIS performance. This work expounds the potential value of graphene in the field of EMIS based on the mechanism of EMIS and then summarizes the recent progress of GF-based materials for EMIS applications. More focus on the effects of different preparation methods toward the structure, mechanical properties, and EMIS performance of GF materials are introduced and discussed in detail.