With the fast development of military equipment, the competition between radar detection and stealth technology has become the focus of air battles. When the flight speed of aircraft exceeds the speed of sound, common stealth materials cannot be applied due to the increase of the temperature. Therefore, high temperature microwave absorbing materials (HTMAMs) have become the key strategic materials. In this review, HTMAMs are demonstrated, including ceramics, carbon materials, metals, and novel microwave-absorbing stealth materials. The influence of frequency and temperature on dielectric and magnetic losses is elaborated in order to introduce loss mechanisms of HTMAMs. In addition, the electromagnetic properties, preparation methods, and structures of HTMAMs are summarized. Finally, the critical problems and prospects of HTMAMs are presented.