This paper explains the role of magnetorheological fluids and elastomers in today's world. A review of applications of magnetorheological fluids and elastomers in devices and machines is presented. Magnetorheological fluids and elastomers belong to the smart materials family. Properties of magnetorheological fluids and elastomers can be controlled by a magnetic field. Compared with magnetorheological fluids, magnetorheological elastomers overcome the problems accompanying applications of MR fluids, such as sedimentation, sealing issues and environmental contamination. Magnetorheological fluids and elastomers, due to their ability of dampening vibrations in the presence of a controlled magnetic field, have great potential present and future applications in transport. Magnetorheological fluids are used e.g. dampers, shock absorbers, clutches and brakes. Magnetorheological dampers and magnetorheological shock absorbers are applied e.g. in damping control, in the operation of buildings and bridges, as well as in damping of high-tension wires. In the automotive industry, new solutions involving magnetorheological elastomer are increasingly patented e.g. adaptive system of energy absorption, system of magnetically dissociable [hooks/detents/grips], an vibration reduction system of the car's drive shaft. The application of magnetorheological elastomer in the aviation structure is presented as well.