A new self-sensing bearing based on magneto-rheological elastomers (MREs) was proposed in this paper. For the application in vibration isolation system, the effects of force input and semi-active controlled electric current (force and magnetic fields) on the self-sensing characteristics of bearing were simultaneously investigated. The modified anisotropic MRE with multi-walled carbon nanotubes (MWNTs) was studied to improve its electrical properties, and the MWNTs can reduce the initial resistivity from 325.06 to [Formula: see text]. To understand the sensing behaviors of bearing, the experimental system was built. The results confirmed that the self-sensing characteristic presents an obvious monotonous declining trend with the vibration force increases, and the mechanical properties of MRB can be regulated in real-time when they are subjected to varying currents (0–1 A). This finding is significant because it suggests that the bearings based on the modified MREs are potentially capable of being used for vibration absorbers and sensors simultaneously. Based on these results, it is expected to simplify the system structure and improve the response performance of vibration isolation.