The development of cost-effective, lightweight, wideband microwave absorbing and shielding (MA&S) structures with exotic electromagnetic and mechanical properties is a complex task for academia and industry. The microwave absorption and shielding properties of materials can be significantly improved by the application of layered structures. In this article, an attempt is made to critically analyze and understand the current state of layered MA&S structures and their development directions. This article presents a critical and systematic review of the design and implementation of advanced and diversified layered MA&S structures such as nanocomposite, honeycomb, pyramidal, metamaterial and plasma structures. The objective of this article is to assist in the material and geometry selection process for the development of layered MA&S structures. The theory and operating principle of layered MA&S structures is briefly sketched with attention paid to the electromagnetic mixing models and optimization strategies. This article aims to address various issues associated with such a rapidly expanding field. This article also offers a perspective on the experimental efforts towards the development of efficient layered MA&S structures. This article will be helpful for academicians and scientists dealing with the design and development of electromagnetic structures for distinct practical electromagnetic applications.