Tuned mass dampers (TMD) have been widely used in passive vibration control, but their main disadvantage is that the vibration reduction effect may be greatly affected by the natural frequency of the main structure. In order to solve this limitation, we designed a frequency adjustable tuned mass damper (FATMD) based on a magneto rheological elastomer (MRE), which is a new type of magneto rheological smart material, with adjustable stiffness, obtained by changing the magnetic induction. We used MRE to change the stiffness of FATMD to track the natural frequency of the main structure. However, adding TMD will change the natural frequency of the system. Therefore, we combined Hilbert–Huang transform (HHT) and a natural excitation technique (NExT), with Simulink/dSPACE, to identify the natural frequency of the system in real time, and then calculated the natural frequency of the main structure through the TMD optimal design theory. This can help adjust FATMD to its optimum tuning state. To verify the applicability and effectiveness of FATMD, this paper compares the FATMD and traditional TMD experimental results. The natural frequency of steel beams can be changed by adding mass blocks. The experimental results indicate that FATMD, using the frequency tracking method, can effectively track the natural frequency of the main structure to ensure that the system is always in the optimum tuning state. In addition, FATMD can still achieve a good vibration reduction effect when the natural frequency of the main structure changes.