With the rapid development of electronic information and technology, especially the explosive advance of novel electronic devices, ultra-wideband radar detector and satellite communication, the elimination of adverse electromagnetic waves (EWs) effectively is very necessary both for electronic safety and national defense security. As one of the important material basis for controlling adverse EW pollution, compatibility, shielding, and stealth capability of weaponry, microwave absorbing materials has long been an area of intense research activity. Graphene-based materials have attracted great interests for microwave absorption in recent years due to the unique structure and physicochemical properties of graphene, such as high specific surface area, ultrathin thickness, large interface, optical transmittance, and tunable conductive properties, etc. In this paper, the properties and absorption behavior of different kinds of microwave absorbing materials based on graphene were reviewed and discussed in detail. In addition, the perspective of the current challenges and key issues for achieving better microwave absorption performance of the graphene-based materials are provided.