Novel high-performance polyetherimide (PEI)/graphene@Fe3O4 (G@Fe3O4) composite foams with flexible character and low density of about 0.28-0.4 g/cm(3) have been developed by using a phase separation method. The obtained PEI/G@Fe3O4 foam with G@Fe3O4 loading of 10 wt % exhibited excellent specific EMI shielding effectiveness (EMI SE) of ~41.5 dB/(g/cm(3)) at 8-12 GHz. Moreover, most the applied microwave was verified to be absorbed rather than being reflected back, resulting from the improved impedance matching, electromagnetic wave attenuation, as well as multiple reflections. Meanwhile, the resulting foams also possessed a superparamagnetic behavior and low thermal conductiviy of 0.042-0.071 W/(m K). This technique is fast, highly reproducible, and scalable, which may facilitate the commercialization of such composite foams and generalize the use of them as EMI shielding materials in the fields of spacecraft and aircraft.