In recent years, increased use of electronic devices and wireless operations resulted in unavoidable electromagnetic (EM) pollution which has a significant impact on civil and military sectors. Considering the foremost requirement, huge efforts were invested in the development of electromagnetic interference (EMI) shielding materials. In this context, metals are usually preferred but design complexities like high density and susceptibility towards corrosion are limiting factors; additionally, the reflection of microwaves from the surface fails to serve as EM absorbers. The concern here is to minimize the reflection of the high frequency electromagnetic wave from the surface and to enhance the microwave absorption in GHz frequencies. In this thesis, we have made an attempt to design EMI shielding materials with exceptional absorption ability derived from Polycarbonate (PC)/ Poly styrene-co-acrylonitrile (SAN) based polymer blends. Herein, unique co-continuous micro-phase separated blend structures with selective localization of microwave active nanoparticles in one of the phases were realized to be most effective for microwave attenuation over just dispersing it in one polymer matrix (i.e. PC and SAN composites). The synergistic attenuation of electric and magnetic field associated with EM radiation was achieved through incorporation of various magnetic nanoparticles, however, dispersion of magnetic nanoparticles was a challenging task. Therefore, in order to localize magnetic nanoparticles in PC phase of the blends and to enhance the dispersion state, various modification strategies have been designed. In summary, we have developed a library of engineered nanoparticles to achieve synergistic attenuation of EM radiation mostly through absorption. For instance, the PC/SAN blends containing MWNTs and rGO-Fe3O4 nanoparticles manifested in exceptional EMI shielding, well above required shielding effectiveness value for most of the commercial applications, essentially through absorption. Taken together, the finding suggests that immiscible blends containing MWNTs and the decoration of magnetic nanoparticles (rGO-Fe3O4) on the surface of reduced graphene oxide sheets can be utilized to engineer high-performance EMI shielding materials with exceptional absorption ability.