Carbonaceous-magnetic composites are the most appealing candidates for electromagnetic wave absorption, and creating hollow interiors and nanopores in the composites is commonly recognized as an essential strategy to reinforce their overall performances. Herein, we propose a spatial confinement strategy mediated by Co2(OH)2CO3 nanosheet assemblies for achieving highly dispersed Co nanoparticles into hollow porous N-doped carbon shells (HP-Co@NCS). Systematic multi-technique characterizations indicate that the Co2(OH)2CO3 nanosheet assemblies simultaneously play a trifunctional role during the synthesis, including Co source, template of the hollow interior cavities, and micro-/mesopore porogen. The chemical composition can be modulated by simply varying the ratio of Co2(OH)2CO3 and carbon source (dopamine). The optimized HP-Co@NCS absorber exhibits a well-defined hollow structure and unprecedented high porosity (specific surface area of 742 m2 g−1) even with a high metallic Co content of 35.8 wt%. These profitable structural characteristics can facilitate incident EM waves penetrating the absorber's interior and promoting multiple reflections and scattering. Therefore, the HP-Co@NCS absorber exhibits efficient microwave absorption ability with a minimum reflection loss of −39.0 dB at a thin thickness of 2.5 mm and an effective absorption bandwidth up to 5.5 GHz (12.5–18.0 GHz) at a thin thickness of 2.0 mm. This work provides a new methodology to design advanced carbonaceous-magnetic composite materials with hollow porous structures for microwave absorption.