This paper presents dynamic viscoelastic properties of magnetorheological (MR) grease under variation of magnetic fields and magnetic particle fractions. The tests to discern the field-dependent properties are undertaken using both rotational and oscillatory shear rheometers. As a first step, the MR grease is developed by dispersing the carbonyl iron (CI) particles into grease medium with a mechanical stirrer. Experimental data are obtained by changing the magnetic field from 0 to 0.7 T at room temperature of 25 degrees C. It is found that a strong Payne effect limits the linear viscoelastic region of MR grease at strains above 0.1%. The results exhibit a high dynamic yield stress which is equivalent to Bingham plastic rheological model, and show relatively good MR effect at high shear rate of 2000 s(-1). In addition, high dispersion of the magnetic particles and good thermal properties are proven. The results presented in this work directly indicate that MR grease is a smart material candidate that could be widely applicable to various fields including vibration control.