A novel hierarchical composites for coupling thistle-like CoNi with dielectric Ag decorated graphene in paraffin wax as high performance microwave absorber has been synthesized by a facile two-step strategy. The components, particle size, microstructure and morphology of the resulting composites are characterized by X-ray diffraction, X-ray photoelectron spectroscopy, Raman spectra, scanning electron microscope, transmission electron microscopy and energy dispersive X-ray spectroscopy, etc. Due to the unique flower structure and good synergistic effect of dielectric loss and magnetic loss, thistle-like CoNi@dielectric Ag decorated graphene composites have showed glorious microwave absorption intensity and frequency width. The maximum reflection loss of -61.9 dB can be gained at 6.96 GHz, which has rarely been reported yet. In addition, the corresponding effective bandwidth with reflection loss less than -10 dB is 5.6 GHz ranging from 12.4 to 18 GHz at only 1.67 mm thickness. This highly efficient and broad band features endow thistle-like CoNi@dielectric Ag decorated graphene composites with promising applications in microwave absorption, electromagnetic shielding, information safety, direct broadcast satellite and military radar fields.