The integration, miniaturization, and high frequency of microwave vacuum electronics put forward higher requirements for heat-conducting and wave-absorbing integrated materials. However, these materials must balance the dispersion and isolation of wave-absorbing components to optimize absorption while maintaining the continuity of thermal conductivity pathways with low defect rates and minimal interfaces. This presents a significant challenge in achieving both high thermal conductivity and efficient wave absorption simultaneously. Here, AlN/FeNi microwave-attenuating ceramics were synthesized via non–pressure sintering in a nitrogen atmosphere. The influence of FeNi content (0–20 wt%) on the density, phase composition, microstructure, microwave-absorption properties and thermal conductivity of the composites was investigated. AlN/FeNi composites consist primarily of an AlN phase with FeNi_0.0578, Fe, AlYO₃, and Al₅Y₃O₁₂ as secondary phases, and the microstructure is uniform and dense. As the FeNi content rises from 0 to 20 wt%, the density of the composites sintered at 1800 °C × 2 h increases from 3.3 to 3.7 g/cm³. Their X-band (2–18 GHz) dielectric constant goes up from 6.5 to 8.5, the dielectric loss factor rises from 0.1 to 0.9, and thermal conductivity diminishes from 130 to 123 W/m·K. Upon reaching an FeNi content of 20 wt%, the composite achieves a minimum reflection loss of −39.1 dB at 9.5 GHz, with over 90% absorption across an effective absorption bandwidth covering 2.5 GHz. It exhibits excellent impedance matching, electromagnetic wave-attenuation properties, a relative density of 98.6%, and a thermal conductivity of 123 W m⁻¹ K⁻¹. The prepared AlN/FeNi composites, with integrated outstanding microwave-absorption capabilities and thermal conductivity, holds great promise for applications in 5G communications, aerospace, and artificial intelligence.