In the present work, an exact analytical approach has used to study dispersive behavior of the shear horizontal (SH) wave in magneto-electro-elastic (MEE) material, loaded with a viscoelastic fluid. Complex dispersion equations are derived in the cases of electric short magnetic short (ESMS), electric short magnetic open (ESMO), electric open magnetic short (EOMS), and electric open magnetic open (EOMO) boundary conditions by solving the equilibrium equations of MEE material and the Stokes equation of viscoelastic fluid. To validate the present outcomes, the MEE material is changed into piezoelectric and piezomagnetic materials by taking some theoretical assumptions and the outcomes are matched with preexisting results. Effect of volume fraction, wave frequency, substrate thickness and thickness of the fluid layer on phase velocity and attenuation of SH wave have studied. This study may find its applications in better understanding of the surface acoustic wave devices incorporated with viscoelastic fluid layer.