The utilization of lightweight materials that provide electromagnetic interference (EMI) shielding and impact attenuation is crucial for safeguarding fragile components in portable electronic devices. Although conductive foams have shown promise in providing lightweight electromagnetic interference (EMI) shielding, their potential for impact attenuation has yet to be thoroughly investigated. In this study, we fabricated a composite foam consisting of MXene and carboxylated nitrile rubber (MXene/XNBR) to achieve multifunctional properties such as electromagnetic interference (EMI) shielding and thermal management. The fabrication method involved the utilization of MXene nanoflakes and XNBR elastomer through a dual mixing approach, which encompassed both melt and solution mixing techniques. Utilizing a chemical blowing agent in integrating cellular structure inside a composite material has resulted in several advantageous properties, including reduced weight, enhanced processability, and improved thermal management capabilities. The MXene/XNBR foam composite exhibits a higher EMI shielding efficiency (SE) of − 30.9 dB. With a remarkably low density of 0.7 g.cm−3, this material exhibits a specific shielding effectiveness of 441.4 dB.cm2.g−1 with desirable stretchability and mechanical strength, positioning it as one of the most promising options for lightweight applications. Our multifunctional elastomeric foam composites collectively offer a significant pathway for developing high-performance foam material that exhibits exceptional shielding efficiency, thermal management, stretchability, and superior mechanical properties.