 Max phases have been studied extensively as potential candidates for electromagnetic wave absorbing materials due to their high conductivity and nanolaminated structure. In this study, two new magnetic max phases were synthesized by replacing aluminum atoms with iron atoms in existing max phases. These max phases showed ferromagnetic behavior and demonstrated excellent electromagnetic wave absorption properties. By combining both dielectric and magnetic loss, the authors were able to achieve a low reflection loss of minus 44.4 dB at 6.56 GHz with a 3 mm thickness. This work demonstrates a promising composition design strategy to develop max phases with good EM wave absorption performance through simultaneously controlling dielectric and magnetic loss. This article is authored by Lu Chen, Yubing Li, Biao Zhao, and others.