Magneto-rheological elastomer (MRE) composites belong to the category of smart materials whose mechanical properties can be governed by an external magnetic field. This behavior makes MRE composites largely used in the areas of vibration dampers and absorbers in mechanical systems. MRE composites are conventionally constituted by an elastomeric matrix with embedded filler particles. The aim of this review is to present the most outstanding advances on the rheological performances of MRE composites. Their distribution, arrangement, wettability within an elastomer matrix, and their contribution towards the performance of mechanical response when subjected to a magnetic field are evaluated. Particular attention is devoted to the understanding of their internal micro-structures, filler–filler adhesion, filler–matrix adhesion, and viscoelastic behavior of the MRE composite under static (valve), compressive (squeeze), and dynamic (shear) mode.