The invention discloses an electromagnetic-wave absorbing material with the interstitial modulation characteristics and a production method of the electromagnetic-wave absorbing material. The general formula of the electromagnetic-wave absorbing material is R<2>Fe<17>N<x>C<y>, wherein the R refers to combination of any one or multiple rare earth elements of Y, Ce, Nd, Pr, Sm, Gd, Tb, Dy, Ho, Er, Tm and Lu, the x and the y respectively refer to nitrogen and carbon content entering the lattice gap position, 0</=<x>+<y></=9, and the x and the y are not equal to 0 at the same time; the electromagnetic-wave absorbing material is an R<2>Fe<17>-type master alloy billet formed by mixing and melting the rare earth element R and an iron element and is obtained by subjecting the master alloy billet coarse crushing prior to being introduced into clearance carbon atoms and/or nitrogen atoms to have magnetism of a master alloy crystal modulated. The electromagnetic-wave absorbing material has high absorbing capability on high-frequency electromagnetic waves ranging from 1GHz to 100GHz in smaller matching thickness, and the characteristics of accurate operation frequency modulation can be realized by the production method and according to different use conditions.