Magnetorheological fluid brakes are a promising technology for developing high-performance drive-by-wire braking systems due to their controllability and adaptability. This research aims to design an optimal magnetorheological fluid brake for motorcycles and their performance. The proposed model utilizes mathematical modeling and finite element analysis using commercial software. Furthermore, the optimization of this MR brake is determined through multi-objective optimization with a genetic algorithm that maximizes braking torque while simultaneously minimizing weight and the cruising temperature. The novelty lies in the geometric shape of the disc, bobbin, and MR fluid channels, which results in a light MR brake weighing 6.1 kg, an operating temperature of 89.5 °C, and a power consumption of 51 W with an output braking torque of 303.9 Nm. Additionally, the control performance is evaluated using an extended Kalman filter controller. This controller effectively regulates braking torque, speed, and slip rate of both the rear and front wheels based on road characteristics and motorcycle dynamics. This study’s findings show that the front wheel necessitates higher braking torque compared to the rear wheel. Moreover, the slip rate is higher on the rear wheel than on the front wheel, but the front wheel stops earlier than the rear wheel.