Abstract: The ever-increasing integrated of electronic devices has inevitably brought about issues of electromagnetic interference and heat accumulation problems. The dual-function materials with high thermal conductivity and Electromagnetic wave absorption (EWA) are regarded as an effective strategy for solving the heat accumulation and electromagnetic radiation in electronic devices. Therefore, high thermal conductivity microwave absorbing materials are receiving increasing attention and have become a research hotspot in recent years. Carbon materials have been widely used as thermal conductive and EWA fillers due to their excellent conductivity, low density, outstanding thermal and mechanical properties. However, there are relatively few research reports on carbon-based high thermal conductivity EWA materials, but they are receiving increasing attention. In this review, the microwave absorption theory and the thermal conductivity theory are provided first. Next, we summarize the research status of carbon-based dual-functional polymer composites with excellent EWA and thermal conductivity capabilities, mainly including carbon fibers, carbon nanotube, graphene and amorphous carbon, etc. In the end, our perspectives on challenges and prospects are presented.