Magneto-rheological gel (MRG) has been the subject of recent research due to its versatile applications. Especially, the magneto-induced electrical properties of MRGs under different levels of magnetic field enables them to be used as magneto-sensors. However, conventional MRG shows a low level of electrical conductivity, complicating its use in sensor applications. In this regard, in the present study, the carbon nanotube (CNT) and graphene oxide (GO) are added to fabricate new types of MRG. Herein, four different MRG samples were fabricated with reference to an amount of CNT and GO. The microstructural images of carbonyl iron powder (CIP)-based chain structures with CNT and GO were observed using SEM images. Then, their magneto-induced electrical impedances were investigated under four levels of magnetic field (i.e., 0, 50, 100, and 150 mT) and input frequencies (1, 2, 5, and 10 Hz). Based on the experimental results, three electrical models, including first-order series and parallel, and first- and half-order complex models, were proposed, and their accuracy was examined, showing the highest accuracy when first- and half-order complex models were used. The simulated results indicated that the incorporation of both CNT and GO can improve the magneto-induced electrical sensitivity; thus, it can be concluded that MRG with CNT and GO can be a possible method to be used in magneto-sensor applications.