With the booming development of electronic information technology, the problems caused by electromagnetic (EMs) waves have gradually become serious, and EM wave absorption materials are playing an essential role in daily life. Carbon nanostructures stand out for their unique structures and properties compared with the other absorption materials. Graphene, carbon nanotubes, and other special carbon nanostructures have become especially significant as EM wave absorption materials in the high-frequency range. Moreover, various nanocomposites based on carbon nanostructures and other lossy materials can be modified as high-performance absorption materials. Here, the EM wave absorption theories of carbon nanostructures are introduced and recent advances of carbon nanostructures for high-frequency EM wave absorption are summarized. Meanwhile, the shortcomings, challenges, and prospects of carbon nanostructures for high-frequency EM wave absorption are presented. Carbon nanostructures are typical EM wave absorption materials being lightweight and having broadband properties. Carbon nanostructures and related nanocomposites represent the developing orientation of high-performance EM wave absorption materials.