The reduction treatment of graphene oxide is crucial in determining the wave-absorbing capabilities of reduced graphene oxide aerogels (RGOAs). In this work, a series of RGOAs were elaborately prepared by sequential processes involving hydrothermal treatment, hydrazine hydrate steam, and thermal annealing procedures. The acquired samples were examined for their chemical composition, microstructure, surface wetting properties, and chemical bonding configuration. The findings demonstrated that compression performance, including resilience, enhanced as the reduction degree grew. The RGOA (4.60 mm) with the greatest reduction degree demonstrated outstanding microwave absorption characteristics in the frequency range of 2–18 GHz. The maximum reflection loss achieved was -55.95 dB, and the effective absorption bandwidth was 6.96 GHz. The elucidation of the correlation between reduction modes and the performance of RGOAs is advantageous for the advancement of graphene-based materials used in microwave-absorption applications.