The rapid development of information and communication technology has led to a considerable increase in electromagnetic pollution, prompting the necessity for designing microwave-absorbing materials as an unavoidable trend. The incorporation of magnetic materials can enhance the magnetic loss capacity of microwave-absorbing materials, thereby improving their absorption performance. However, magnetic materials, especially the high-density metals or oxides, are unsuitable for the lightweight design principle of microwave-absorbing materials. In recent years, metal–organic frameworks (MOFs), particularly magnetic metal-based MOFs, are considered advantageous competitors in designing high-performance microwave-absorbing materials because of their high porosity, adjustable structure, and inherent magnetism. This review summarizes the recent progress in studies of microwave-absorbing materials using magnetic metal-based MOFs and their derivatives, including their synthesis process, microwave absorption mechanisms, and comparisons of absorbing performances for MOFs-derived materials with different compositions and microstructures. Finally, potential challenges and future development prospects that MOF-derived composite materials may face in the field of microwave absorption are put forward. We hope to shed light on the mechanism of microwave absorption for magnetic metal-based MOFs, as well as the effect of subsequent processing on the MOF precursor in this regard.