Porous carbon has been intensively used for microwave absorption in merits of its outstanding specific surface area and dielectric properties. This study investigates the microwave absorption capacity of saturated wood-based activated carbon (SWAC) which was used for methylene blue treatment. The results demonstrate that SWAC, subjected to high temperature calcination, exhibits excellent microwave absorption properties. The structure, composition, micro-morphology, and electromagnetic parameters of SWAC were comprehensively analyzed using various techniques. The findings reveal that after calcination, SWAC possesses a rich pore structure, optimized material impedance matching, and the introduction of N atoms from the organic substance methylene blue into the carbon lattice of SWAC, thereby providing dipole polarization loss. These properties significantly contribute to its microwave absorption performance. The optimal reflection loss of SWAC at 6 GHz reaches −50.29 dB with an effective absorption bandwidth of 2.01 GHz, achieved at a calcination temperature of 700 °C and a paraffin matrix additive amount of 25%. The one-step treatment of SWAC proves to be a competitive and cost-effective method for producing microwave absorbers, which holds significant importance for the recovery of SWAC.