The development of ultralightweight and broadband electromagnetic wave (EMW) absorbing materials remains a big challenge. In this work, porous magnesium ferrite microspheres decorated nitrogen-doped reduced graphene oxide (NRGO/MgFe2O4) composite aerogels were prepared by a two-step route of solvothermal synthesis and hydrothermal self-assembly. Results of microscopic morphology characterization showed that NRGO/MgFe2O4 composite aerogels had a unique hierarchical porous structure. Moreover, the influence of additive amounts of graphene oxide on the electromagnetic parameters and EMW absorption properties of NRGO/MgFe2O4 composite aerogels was explored. Remarkably, the attained binary composite aerogel with the content of NRGO of 70.21 wt% exhibited the best EMW absorption performance. The minimum reflection loss reached up to −55.7 dB, and the corresponding effective absorption bandwidth was as large as 5.36 GHz at a thin matching thickness of 1.98 mm. Furthermore, when the matching thickness was slightly increased to 2.29 mm, the widest effective absorption bandwidth was enlarged to 7.1 GHz, covering the entire Ku-band. The magnetodielectric synergy and unique hierarchical porous structure in NRGO/MgFe2O4 composite aerogels not only improved the impedance matching, but also greatly enhanced the EMW absorption capacity. It was believed that the results of this work could be helpful for the preparation of graphene-based magnetic composites as broadband and efficient EMW absorbers.