The human healthy meniscus fulfills key biomechanical functions in the tibiofemoral (knee) joint. Meniscal injury leads to an increased risk for symptomatic osteoarthritis. In order to prevent osteoarthritis, many researchers have put efforts into developing new-type meniscal substitute materials. In this study, MRI data of the human knee joint is obtained by CT scanning, and a three-dimensional finite element model of the meniscus is established. Compressive forces of 400 N, 600 N, 800 N, and 1000 N are selected to complete the meniscus modeling and finite element simulation analysis of the meniscus by ANSYS; at the same time, the compressive force and compressive displacement of the magnetorheological elastomer are controlled by changing the current size. The results show that the compressive force and compressive displacement of the magnetorheological elastomer can be controlled by an electric current, so as to adapt to the required mechanical properties of the meniscus under external complex loads and provide a theoretical and experimental basis for clinical meniscus replacement.