The present invention relates to a method for preparing a magnetic iron oxide-graphene composite, a magnetic iron oxide-graphene composite prepared thereby and a composition for electromagnetic wave shielding including the same, and since graphene is prepared from a stage 1-GIC using FeCl3, magnetic particles in the form of FeOx are naturally formed on the surface of graphene during the preparation process. In addition, a magnetic material is formed on the surface of graphene while the defects of graphene are minimized, and thus the magnetic iron oxide-graphene composite prepared according to the present invention can be useful as an electromagnetic wave absorber.