Microwave absorbing Ag/CF/polyaniline (PANI) composites with PANI particles evenly wrapped on the surface of the silver-plated carbon fiber, were prepared via in situ polymerization. The obtained composite was analyzed by SEM, XRD, TGA, four probes resistance tester and a vector network analyzer. The results indicated that silver nanoparticles were deposited on the surface of CF uniformly and Ag/CF was completely wrapped by PANI particles. Ag/CF/PANI composite with conductivity of 2.16 S/cm displayed better thermal stability than that of PANI. Meanwhile, Ag/CF/PANI composite with microwave reflection loss up to -13.2 dB at 9.3 GHz at thickness of 2.0 mm outperformed that of PANI matrix and CF/PANI composite. The epoxy matrix composite with Ag/CF/PANI dispersed inside homogenously performed -8 dB at 4.5 wt% loading content.