Microwave absorbing materials (MAMs) are indispensable foundation for dealing with electromagnetic pollution and fulfilling military radar stealth. Ferrites are considered as competitive MAMs due to their unique electromagnetic properties as well as adjustable composition and structures, which have been extensively studied in the past decades. In this review, we will provide a systematic introduction to the characteristics of typical ferrites for microwave absorption and their suitable synthesis techniques. Meanwhile, a detail characteristic comparison of the various tailoring tactics is expounded thoroughly, including strategies of ions doping, hard and soft magnetic coupling, integration of magnetic and dielectric properties, structure design. Eventually, an in-depth investigation on performance enhancement and internal optimization mechanisms of ferrite MAMs is carried out. The development directions and future prospects for ferrite MAMs are also roundly proposed and predicted.