Heat-treatments may change the defect and surface organic groups of carbon nanotubes (CNTs), and lead to significant changes in the microwave electromagnetic parameter of CNTs. In this paper, the effect of heat-treatment time and temperature on the complex dielectric constant and permeability as well as the microwave reflectivity of CNTs was investigated. The experimental results indicated that the microwave absorption property of CNTs arises mainly from the high permittivity and consequent dielectric loss. Moreover, the heat-treatment resulted in increased dielectric constant of CNTs and significant improvement of the microwave absorption at frequency values of 2-18 GHz. The microwave reflectivity of CNT composites with a coating thickness of 3 mm was simulated by using the electromagnetic parameters. The absorption peak of CNTs treated at 700 °C had an amplitude of R = -48 dB, which occurred at 9 GHz. Below -10 dB, the composites treated at 900 °C had a bandwidth of 7 GHz. The position of the absorption peak concurred with the measured results. The results indicated that the microwave-absorption properties can be modified by adjusting heat-treatment temperature and time.