Over the last few decades, people have felt the requirement for smart materials that promote and enhance easy, flexible, and smart manufacturing with cost-effectiveness and ease of implementation. In this regard, electro-magnetorheological fluids have become the center of attraction for many researchers due to their controllable properties and improved behaviors under the influence of electric and magnetic fields. The current review work is a modest attempt to help readers understand the behavior, controllable properties, and challenges faced and suggested solutions to overcome the associated issues. The electrorheological (ER) and magnetorheological (MR) fluids exhibit a rapid response to external stimuli and enable us to enrich their properties to extend the limitations of their multidimensional uses and versatility. Many studies have been conducted in designing and developing such systems that utilize rheological fluids in many applications. Vibration control is one such issue that demands additional attention. Other applications, such as brakes and clutches, valves, aircraft landing gear, automotive parts, fluid power control, dampers, etc., have also emerged over the last few decades. Sedimentation control is one of the significant issues of rheological fluids, and it has been adequately reviewed in this work. The review work also provides a deeper insight into the influence of field effects on fluid particles and a proper understanding of the compositions, properties, mechanisms, and applications.
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