This study presents an investigation of the wave propagation of a rectangular sandwich composite plate with tunable magneto-rheological fluid core. The constituent parts of this rectangular sandwich composite plate are the base layer, magneto-rheological fluid core, and limiter layer. Magneto-rheological fluid core is embedded within the base and limiter layers. Also, the upper and lower layers are made of elastic materials. For obtaining the governing equations of motion, Hamilton’s principle and classical plate theory are used. After that, applying an analytical solution, the wave frequency and phase velocity of the propagated waves can be gained by solving eigenvalue problem. By investigating the effect of the magnetic field, the results emphasize that the magnetic field intensity is the most important factor for changing the value of the wave frequency and phase velocity. Besides, results show by enhancing the core-to-top layer thickness ratio, the wave frequencies reduce because magneto-rheological fluid core is softer in comparison to elastic layers. Therefore, magneto-rheological fluid layer operates similar to a damper. At the end, the influence of the thickness of magneto-rheological fluid core on the phase velocity is also discussed.