The application of carbonyl iron powder (CIP) in wave absorption is restricted by its low dielectric loss, narrow absorption bandwidth, high density, and other shortcomings. The work aims to develop "light, wide, strong, thin" CIP microwave absorbing materials through different modification methods based on CIP materials, to effectively absorb microwaves. The research status of using carbonyl iron powder as wave absorbing materials in recent years was reviewed. The effects of different modification methods, such as morphology modification, coating modification and composite modification, on the wave absorbing properties of carbonyl iron composites were introduced and analyzed. As a microwave absorbing material, CIP can be improved by different modification methods to ameliorate the shortcomings. The prepared composites are more in line with the current demand for wave absorbing materials. Compared with traditional CIP materials, CIP composites have greater potential as microwave absorbers.