A suspension system is a linkage between the sprung mass to the unsprung mass of the vehicle enabling a relative motion between the two. A good suspension system ensures a minimum vertical displacement and roll contributing to a smoother ride. Magnetorheological Dampers or MR Dampers are damping devices used for structural vibration reduction. They are advanced shock absorbers known for their fast response rate, wide dynamic range, mechanical simplicity, and low power requirement. MR dampers use Magnetorheological (MR) Fluids which are smart fluids capable of changing dynamic yield stress when acted upon by a magnetic field. This property of MR Fluids is instrumental in MR dampers where the damping force is changed by changing the rheological properties of the fluid magnetically. MR dampers are usually very expensive and hence are only used in high-end automobiles. An attempt has been made to study the composition and desirable properties of MR Fluids as well as to make a cheaper alternative damper to the existing high-priced MR dampers.