Magnetorheological (MR) fluids consist of stable suspensions of magnetic particles in a carrying fluid. Magnetorheological effect is one of the direct influences on the mechanical properties of a fluid. It represents a reversible increase, due to an external magnetic field of effective viscosity. MR fluids and devices have the potential to revolutionize the design of hydraulic systems, actuators, valves, active shock and vibration dampers, and other components used in mechanical systems. At present, there is a compelling need to develop new and improved MR fluids, to lower their production cost through improved manufacturing processes, and to develop MR fluid-based application devices that will demonstrate the engineering feasibility of the MR fluids concept and will highlight the implementation challenges. To this end, the present study is undertaken.