The magnetorheological elastomers (MREs) are novel multifunctional materials wherein their viscoelastic properties can be varied instantly under an application of applied magnetic field. Due to their field‐dependent stiffness and damping properties, MREs are widely used in the development and design of MRE‐based adaptive vibration isolators and absorbers and also biomedical engineering. Moreover, MREs due to their inherent magnetostriction effect have enormous potential for the development of soft actuators. The dynamic behavior of MREs is affected by various material parameters (e.g., matrix and particle types, particle concentration, additives) as well as mechanical and magnetic loading parameters (e.g., frequency, amplitude, temperature, magnetic flux density). Understanding and predicting the effect of materials and loading parameters on the response behavior of MREs are of paramount importance for the design of MRE‐based adaptive structures and systems. This review paper mainly aims to provide a comprehensive study of material constitutive models to predict the nonlinear magnetomechanical behavior of MREs. Particular emphasis is paid to physics‐based models including continuum‐ and microstructure‐based models. Moreover, phenomenological models describing the dynamic magnetoviscoelastic behavior of MREs as well as the effect of temperature on the magnetomechanical behavior of such materials are properly addressed.