In this study, shape memory polyurethane (SMP) foaming material is used as the main material that is incorporated with carbon fiber woven fabrics via two-step foaming method, forming sandwich-structured composite planks. The process is simple and efficient and facilitates any composition as required. The emphasis of this study is protection performances, involving puncture resistance, buffer absorption, and electromagnetic wave shielding effectiveness. The proposed soft PU foam composite planks consist of the top and bottom PU foam layers and an interlayer of carbon fiber woven fabric. Meanwhile, PU foam is incorporated with carbon staple fibers and an aluminized PET film for reinforcement requirements and electromagnetic wave shielding effectiveness, respectively. Based on the test results, the two-step foaming process can provide the PU foam composite planks with excellent buffer absorption, puncture resistance, and electromagnetic wave shielding effectiveness; therefore, the proposed composite planks contribute a novel structure composition to SMP, enabling it to be used as a protective composite. In addition, the composites contain conductive material and thus exhibit a greater diversity of functions.