<p>Magnetorheological fluids (MRFs) are a class of smart materials that exhibit a rapid and reversible change in rheological properties when external magnetic field is applied. Despite their potential, sedimentation of magnetic particles, and off-state viscosity, hinder their widespread and adoption in industrial applications. Additionally, increasing the yield stress would expand the application of MRF in wider sectors. Addressing these limitations has become a key focus of research in the field. Several approaches have been discussed such as the use of nanoparticle additives, coatings, and alternative MRF compositions for the stabilization and strengthening of MRFs. While these methods have demonstrated partial success, trade-offs between key parameters, such as stability and yield stress, remain an ongoing challenge. By consolidating insights from recent advancements, this review highlights the progress made and identifies new directions for future research. The goal is to provide a better understanding of the techniques and strategies that researchers have developed to refine MRF performance and expand their practical applications.</p> Graphical abstract <p></p>