At present, to solve the threat of electromagnetic wave (EMW) radiation pollution to human health, intelligent control and information security, tremendous efforts have been made to manufacture EMW absorbing materials. For ideal microwave absorption materials (MAMs), it is generally necessary not only to pursue strong microwave absorption (MA) over wide effective absorption bandwidth (EAB), but also to take into account the requirements of light weight, thin matching thickness and chemical stability characteristics. It has been found that magnetite (Fe₃O₄) is the most promising MAM to absorb and dissipate EMW among various absorbers, because of its good mechanical and chemical stability, controllable morphology, high Curie temperature, easy preparation, economy and excellent magnetic properties. However, the application performance of Fe₃O₄ absorber with single composition is limited by its easy agglomeration, eddy current, high density, and impedance mismatch. In addition, achieving efficient MA metrics with low absorber loading remains a huge challenge. To overcome these limitations, conjugation with dielectric carbon-based materials and special structural designs have been extensively explored as viable solutions to optimize the microwave absorption performance (MAP) of Fe₃O₄. This paper reviews the recent research progress of Fe₃O₄/carbon MAMs, and then the influence of dimensions and structures regulations on the MAPs are introduced in detail. Finally, the current existing problems and future development direction of Fe₃O₄/carbon composites in the field of MA are also presented.