In this paper are presented the processing and characterization of electromagnetic radiation absorbing paints based on magnetic and dielectric materials. Two different paint formulations containing carbonyl iron and/or polyaniline, and using polyurethane as matrix were prepared. The paints were applied to a metallic surface and the absorption of electromagnetic radiation was measured using the Naval Research Laboratory (NRL) arch method. Measurements of the electric permittivity and magnetic permeability of the paint were also carried out. The paints absorbed 60%-80% of the incident electromagnetic radiation, indicating their potential as radiation absorbing materials.