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As a family of smart functional hybrid materials, magnetic polymer composite particles have attracted considerable attention owing to their outstanding magnetism, dispersion stability, and fine biocompatibility. This review covers their magnetorheological properties, namely, flow curve, yield stress, and viscoelastic behavior, along with their synthesis. Preparation methods and characteristics of different types of magnetic composite particles are presented. Apart from the research progress in magnetic polymer composite synthesis, we also discuss prospects of this promising research field.