Sandwich-like graphite–fullerene composites have been prepared via a simple solution mixing/evaporation method. The complex relative permittivity and permeability of the graphite–fullerene composites in the frequency range from 0.5 GHz to 18 GHz were measured using a vector network analyzer with the reflection/transmission technique. Additionally, the microwave reflection loss of the composites was calculated using the obtained complex microwave electromagnetic parameters. It was found that the microwave loss peaks in the Ku band were dependent on the concentration of fullerene nanoparticles in the composites. Maximum reflection loss of −30 dB was observed between 2 GHz and 8 GHz when the graphite composites were doped with 1 wt.% fullerene. This absorption loss dropped (−24 dB) when the composite contained 3 wt.% fullerene. In addition, the electrical properties of the graphite were independent of the presence of fullerene in the composites. The tunable microwave reflection loss indicates that these graphite–fullerene composites show promise as wideband electromagnetic wave absorption materials.