A low-carbon multi-functional cement substitute material has been developed to reduce electromagnetic pollution in building spaces and protect human health. The solid waste electromagnetic absorption cementitious material (SWEACM) is produced by combining steel slag (SS), blast furnace slag (BFS), and phosphogypsum (PG). In this study, the properties of SWEACM were analyzed, including flow, electromagnetic wave absorption, strength, and environmental properties. Additionally, the hydration and electromagnetic wave absorption mechanisms were examined. The results indicate that SS, BFS, and PG content significantly affect the strength and electromagnetic wave absorption properties of SWEACM. S-6 exhibits the best overall performance (SS: BFS: PG = 3:6:1), with the highest strength (28 days compressive strength = 33.5 MPa) and fluidity (19.1 cm). Furthermore, it has excellent electromagnetic absorption performance (RLmin = −45.4 dB), with an adequate absorption bandwidth of up to 10 GHz in the 2–18 GHz range. The excellent electromagnetic wave absorption capability of SWEACM is mainly due to the resonance, polarization relaxation loss, and conduction loss of the magnetic and conductive components in the material. The results show that SWEACM can be used as a multi-functional construction engineering material for electromagnetic protection, combining high levels of high electromagnetic wave absorption, strength performance, and environmental benefits.