The recent development in telecommunication technology has led electromagnetic interference (EMI) to a serious threat to both electronic devices and living beings. In this work, we designed a highly efficient EMI shielding material by taking advantage of both carbonaceous hybrid filler and double percolation phenomenon. Here, a flexible, lightweight microwave absorbing conductive polymer composite was fabricated by employing poly (ethylene‐co‐methyl acrylate) and ethylene octene copolymer (EMA/EOC) binary blend as the matrix and multiwall carbon nanotube carbon black (MWCNT/CB) hybrid filler as the conductive moiety. We investigated the effect of MWCNT content in the hybrid composite on mechanical, thermomechanical, electrical, and shielding efficiency. A total EMI shielding efficiency of −37.4 dB in the X band region was attained with 20 wt% hybrid filler containing 50 wt% MWCNT along with promising mechanical properties.