In recent years, the development of microwave absorption materials (MAMs) with "thin, wide, light, strong" performance has become a crucial area of research. This evolution is propelled by the escalating concerns regarding electromagnetic pollution's detrimental impact on both the natural environment and human health. NiCo2O4 and NiCo2O4-based composites have attracted significant attention due to their dual loss mechanisms and tunable structure, showcasing substantial potential in microwave absorption applications. In this review, properties of NiCo2O4 and microwave absorption theories were introduced, and the recent advancements in NiCo2O4 and NiCo2O4-based composites as effective MAMs are comprehensively reviewed. Finally, the future research directions and applications in this rapidly advancing field were discussed according to the analysis of the strengths and limitations of NiCo2O4 and its composites.