Magnetorheological elastomeric (MRE) material is a novel type of material that can adaptively change the rheological property rapidly, continuously, and reversibly when subjected to real-time external magnetic field. These new type of MRE materials can be developed by employing various schemes, for instance by mixing carbon nanotubes or acetone contents during the curing process which produces functionalized multiwall carbon nanotubes (MWCNTs). In order to study the mechanical and magnetic effects of this material, for potential application in seismic isolation, in this paper, different mathematical models of magnetorheological elastomers are analyzed and modified based on the reported studies on traditional magnetorheological elastomer. In this regard, a new feature identification method, via utilizing curvelet analysis, is proposed to make a multi-scale constituent analysis and subsequently a comparison between magnetorheological elastomer nanocomposite and traditional magnetorheological elastomers in a microscopic level. Furthermore, by using this “smart” material as the laminated core structure of an adaptive base isolation system, magnetic circuit analysis is numerically conducted for both complete and incomplete designs. Magnetic distribution of different laminated magnetorheological layers is discussed when the isolator is under compressive preloading and lateral shear loading. For a proof of concept study, a scaled building structure is established with the proposed isolation device. The dynamic performance of this isolated structure is analyzed by using a newly developed reaching law sliding mode control and Radial Basis Function (RBF) adaptive sliding mode control schemes. Transmissibility of the structural system is evaluated to assess its adaptability, controllability and nonlinearity. As the findings in this study show, it is promising that the structure can achieve its optimal and adaptive performance by designing an isolator with this adaptive material whose magnetic and mechanical properties are functionally enhanced as compared with traditional isolation devices. The adaptive control algorithm presented in this research can transiently suppress and protect the structure against non-stationary disturbances in the real time.