This review discussed the absorption mechanism, performance measurement and calculation methods of electromagnetic microwave. The coating materials of three loss mechanisms such as resistive, dielectric and magnetic and their electromagnetic wave absorption performance and mechanism were introduced. A comprehensive understanding of different absorbing coatings used in radar wave stealth applications was presented. The latest progress in this research direction was introduced and the main characteristics of each absorbing material were analyzed. The effects of absorbing materials such as ferrite, carbon nanotubes, and conductive polymers on microstructure, chemical properties, and electromagnetic properties of absorbing properties were emphatically discussed. For magnetic loss materials, good magnetic property is an important advantage, but its high density and poor stability affect its performance. Aiming at its disadvantages, doping modification, blending and other methods can be used to improve the absorbing performance of coating materials containing magnetic absorbents. Among carbon-based materials, multi-walled carbon nanotubes have better wave-absorbing properties. Usually, the compositing of magnetic absorbents and carbon nanotubes are the main measures to improve performance of radar absorption coating. Though new absorbing materials, such as conductive polymers, have the characteristics of light weight and good conductivity, the impedance is difficult to match with other absorbing layers when used alone. The impedance matching can be enhanced by doping modification or compounding with magnetic loss materials to improve the absorbing performance. Finally, the future research and development trends of radar absorbing coatings are presented.