Magnetoelectric electromagnetic wave absorption materials (EWAMs) with multiple loss mechanisms have shown remarkable results in solving electromagnetic (EM) interference and radar stealth. However, due to the Snoek limit, the magnetic properties are affected to some extent. Hence, based on low-cost two-dimensional graphite nanosheets and magnetic ferrite, a rare-earth doping strategy is innovatively proposed, aiming to develop a high-efficiency EWAM. Specifically, taking advantage of the significant differences in magnetic moments and dimensions between Gd and Fe ion, the modified ferrite owns unusual magnetic properties and dielectric capacity. Further, direct control of the EM parameters is achieved by finely tuning the component ratio, which in turn optimizes the response characteristics of EM wave absorption. Experimental results show a maximum reflection loss of −64.04 dB and a wide effective absorption bandwidth covering 4.88 GHz, corresponding to the absorption efficiency of −42.7 dB/mm and 3.25 GHz/mm, respectively. The outstanding performance is related to the synergistic effect of multiple loss management and impedance matching, and further confirmed by the radar cross section (RCS) reduction of 29.15 dBsm. Thus, the novel way opens a new horizon for the next magnetic-based EWAMs.