This study introduces a metamaterial microwave absorber (MMA)-lightweight envelope (LE), which is an innovative solution for integrating electromagnetic and infrared-compatible camouflage technologies into building structures. Specifically, MMA-LE incorporates a MMA into building designs for microwave/infrared-compatible camouflage. This study evaluated the microwave absorption performance, infrared camouflage capabilities, and energy-saving effects of MMA-LEs by analyzing the microwave absorption characteristics using the impedance matching theory and simulation software. A coupled heat and moisture transfer model was used to assess isothermal moisture absorption, heat transfer coefficients, and annual heating/cooling loads. Furthermore, infrared imaging tests verified the effectiveness of the camouflage. Two MMA-LE designs (single and double absorber layers) achieve over 90% microwave absorption in the 3.2–11.2 GHz and 1.85–12.67 GHz frequency ranges with relative bandwidths of 111.1% and 149%, respectively, and with polarization insensitivity. Moreover, the MMA-LE enhanced the wall heat and moisture transfer performance, reduced the relative humidity, and reduced the thermal load under Guangzhou's climate conditions. However, despite the improved moisture resistance, the double-layer MMA-LE increased the envelope moisture content, thus reducing thermal insulation. In addition, the limited absorbency of the substrate material results in a modest increase in the dielectric constant, consequently decreasing the resonant frequency of the hybrid structure compared to dry samples. Nevertheless, the thermal insulation properties of MMA-LEs effectively insulate the internal heat sources, achieving optimal infrared camouflage. In conclusion, this study provides a novel solution for microwave-infrared-compatible camouflage in building applications, offering significant theoretical and practical value.