Magnetorheological fluids are considered smart materials since their properties change significantly when exposed to a magnetic field, making them interesting for a variety of industries. These fluids are composed of three main components: dispersed particles, carrier fluid, and additives. The latter of which has been the subject of various studies. Therefore, this paper reviews the characteristics and parameters of the particles dispersed in additives and their impact on fluid rheological properties and stability. Also, the surface modification of magnetic and non-magnetic micro and nanoparticles have been investigated. A detailed review of previous studies has been carried out to examine the effects of various parameters such as types of coatings, coating layers, coating thickness, density change, and change in magnetic saturation, on the stability and rheological properties of MR fluids.