The present invention relates to a wave-absorbing metamaterial, comprising a substrate which is provided with two opposite lateral surfaces, wherein a plurality of periodically arranged artificial metal microstructures are attached on at least one of the two opposite lateral surfaces; when an electromagnetic wave having an incident direction vertical to the two opposite lateral surfaces of the substrate is transmitted to the wave-absorbing metamaterial, a relative permittivity of the metamaterial is substantially equal to a relative magnetic conductivity of the metamaterial. A wave-absorbing principle different from that of a conventional wave-absorbing material is employed on the wave-absorbing metamaterial; an ideal wave-absorbing effect is achieved by periodically arranging various artificial metal microstructures on the substrate and adjusting the artificial metal microstructures; and the wave-absorbing metamaterial has the advantages of minor weight, small thickness and simply adjustable electromagnetic parameters.