Electromagnetic wave energies are consumed in the form of thermal energy, which is mainly caused by magnetic loss, dielectric loss and conductive loss. In this study, CNT was added to the nanocrystalline soft magnetic materials inducing a high magnetic loss, in order to improve the dielectric loss of the EM wave absorption sheet. Generally, the aspect ratio and the dispersion state of CNT can be changed by the pre-ball milling process, which affects the absorbing properties. After the various ball-milling processes, 1wt% of CNTs were mixed with the nanocrystalline base powder, and then further processed to make EM absorption sheets. As a result, the addition of CNT to Fe-based nanocrystalline materials improved the absorption properties. However, the increase of ball-milling time for more than 1h was not desirable for the powder mixture, because the ballmilling caused the shortening of CNT length and the agglomeration of the CNT flakes.