This paper specifies a concise review of recent research and development in the context of electromagnetic absorbers. An attempt has been made to justify the need for economical and thin microwave absorbers for achieving good absorption characteristics over a wide range of frequencies within a specified band of electromagnetic spectrum. This paper mainly focuses on the challenges encountered while designing a perfect electromagnetic absorber which can absorb electromagnetic radiations of any polarization that may appear from any direction and may occur over a broader bandwidth. The absorbers which are competent enough to withstand all these challenges are capable to suppress the reflection and transmission of unknown electromagnetic radiations efficiently to the lowest possible level. Several prospects of nanotechnology in flexible absorber design are also described to enhance absorber characteristics. This paper also provides a futuristic glimpse on several applications of such absorbers for commercial and military purposes.