A magnetorheological plastomer (MRP) is a new kind of soft magneto-sensitive polymeric composite. This work reports on the large magneto-deforming effect and high magneto-damping performance of MRPs under a quasi-statical shearing condition. We demonstrate that an MRP possesses a magnetically sensitive malleability, and its magneto-mechanical behavior can be analytically described by the magneto-enhanced Bingham fluid-like model. The magnetoinduced axial stress, which drives the deformation of the MRP with 70 wt % carbonyl iron powder, can be tuned in a large range from nearly 0.0 kPa to 55.4 kPa by an external 662.6 kA m −1 magnetic field. The damping performance of an MRP has a significant correlation with the magnetic strength, shear rate, carbonyl iron content and shear strain amplitude. For an MRP with 60 wt % carbonyl iron powder, the relative magneto-enhanced damping effect can reach as high as 716.2% under a quasi-statically shearing condition. Furthermore, the related physical mechanism is proposed, and we reveal that the magneto-induced, particle-assembled microstructure directs the magneto-mechanical behavior of the MRP.