Highly compliant elastomers with a shear storage modulus as low as 25 Pa are prepared using commercially available silicone, plasticizer, and tactile mutator silicone additive. They are used as matrix material for magneto‐active elastomers (MAEs) with carbonyl iron contents between 0 and 85 wt %. In the absence of an external magnetic field, the storage modulus of MAEs based on two selected mixtures ranges between ∼100 Pa and ∼2000 Pa. Addition of a mutator to the matrix mixture results in a long post‐cure period depending on the curing temperature and the initial mixture. In the presence of a magnetic field, the presented MAEs exhibit a strong magneto‐induced change in storage modulus resulting in a colossal magnetorheological effect of >106 % which is ∼30 times higher than previously reported values. The results are of interest in applications using such elastomers as cell substrates with magnetically tunable rigidity. © 2013 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2014, 131, 39793.