The composition of a magnetorheological fluid (MRF) usually includes magnetic particles, a carrier fluid, and additives. Among them, the magnetic particles and carrier fluid are the main sources of the mechanical properties of the MRF. The changes of the related properties of the two will affect the mechanical properties of the MRF directly or indirectly. Herein, first, the temperature–magnetic field characteristics are analyzed during the MRF working process. Then, the influence mechanism of temperature and magnetic field changes on the properties of the magnetic particles and carrier liquid are analyzed. On this basis, the traditional Bingham model is improved and optimized, in which the temperature variable is introduced to represent the effect of temperature–magnetic field coupling on the shear stress of the MRF. Finally, parameter fitting and simulation are carried out for the optimized model, and the self‐made shear stress of the MRF measuring device with temperature‐control function is used to experimentally verify the accuracy of the optimized model. The comparison and verification of the results show that the optimized model can better represent the variation of shear stress of an MRF with temperature and magnetic field than the traditional Bingham model.