A two-step strategy combining in situ polymerization and a hydrothermal process has been developed for coupling polyaniline (PANI) with porous TiO₂ anchored on magnetic graphene. The microstructure and morphology of magnetic graphene@PANI@porous TiO₂ were characterized by FETEM, FESEM, XRD, XPS and VSM in detail. The results indicated that magnetic graphene@PANI was completely covered by porous TiO₂ with random orientations and the saturation magnetization value of the composite was 19.2 emu g⁻¹. PANI was used to decrease the absorber thickness, while the porous TiO₂ with a large surface area was designed to enhance the interaction between the electromagnetic (EM) wave and the absorber through multiple reflections, thus enhancing EM wave absorption properties. As an EM wave absorber, the maximum reflection loss of the composite was up to −45.4 dB due to the better normalized characteristic impedance (close to 1) at a thickness of only 1.5 mm and the absorption bandwidths exceeding −10 dB were 11.5 GHz when the thickness ranged from 1 to 3.5 mm. The excellent EM wave absorption performance was ascribed to the combined contribution from the enhanced dielectric relaxation processes, the unique porous nanostructures, the quarter-wave length matching model and the well-matched normalized characteristic impedance. Consequently, it is believed that the composite could be used as an excellent EM wave absorption material and the two-step strategy offered an effective way to design a high-performance EM wave absorber with a relatively thin thickness.