MXene, a shining star of two-dimensional (2D) materials, perfectly showcases layered structure, outstanding electrical conductivity, tunable active surface, and excellent mechanical strength, all of which make it extremely attractive in various applications, in particular for the ever growing market of microwave absorption (MA) and electromagnetic interference (EMI) shielding technology. Herein, we introduce the synthetic strategies, structure and properties of MXene-based materials. The current research progresses on the dielectric properties of MXene are comprehensively summarized and analyzed. We objectively overview and evaluate the state-of-the-art in electromagnetic wave absorbing and shielding of MXene-based matrials and dissect the major problems and bottlenecks. In addition, prospective research opportunities are highlighted toward the development of advanced MXene-based materials for MA and EMI shielding.