The magnetorheological fluids have the ability to modify their viscosity quickly by subjecting it to a magnetic field, a quality that classifies them in the category of intelligent materials. Such fluids include three main components; the base fluid that is generally mineral or synthetic oil, magnetizable particles which are dispersed in the base fluid and the additives or stabilizers that prevent agglomeration and sedimentation of the particles, as well as the degradation induced by the carrier medium. The main challenge of these fluids is to maintain the rheological response to the magnetic field, as well as avoid the chemical and microstructural instability of the magnetoreological fluids. In the present investigation an exhaustive bibliographic review was carried out to understand the main aspects of these types of materials, their properties as well as the main applications in the different branches of industry and medicine. The most recent contributions focused on the chemical stability of magnetic particles through the application of surface coatings are discussed.