Many studies on magnetorheological fluid (MRF) have been carried out over the last three decades, highlighting several salient advantages, such as a fast phase change, easy control of the yield stress, and so forth. In particular, several review articles of MRF technology have been reported over the last two decades, summarizing the development of MRFs and their applications. As specific examples, review articles have been published that include the optimization of the particles and carrier liquid to achieve minimum off-state viscosity and maximum yield stress at on-state, the formulation of many constitutive models including the Casson model and the HerschelβBulkley (HβB) model, sedimentation enhancement using additives and nanosized particles, many types of dampers for automotive suspension and civil structures, medical and rehabilitation devices, MRF polishing technology, the methods of magnetic circuit design, and the synthesis of various controllers. More recently, the effect of the temperature and thermal conductivity on the properties of MRFs and application systems are actively being investigated by several works. However, there is no review article on this issue so far, despite the fact that the thermal problem is one of the most crucial factors to be seriously considered for the development of advanced MRFs and commercial products of application systems. In this work, studies on the thermal conductivity and temperature in MRFs themselves and their temperature-dependent application systems are reviewed, respectively, and principal results are summarized, emphasizing the following: how to reduce the temperature effect on the field-dependent properties of MRFs and how to design an application system that minimizes the thermal effect. It is noted here that the review summary is organized in a chronological format using tables.