Abstract A rheological measurement system was constructed to investigate the rheological behavior of magnetic fluids under a wide range of shear rates, and its feasibility was verified. The system is capable of measuring a shear rate range spanning five orders of magnitude, with a maximum shear rate of 106 s−1. It was utilized to study the time required for aqueous magnetic fluids in a magnetic field to reach a steady state, taking into account the coupling effect of the flow field and magnetic field. Additionally, the time needed for the magnetic fluids to return to their initial state after demagnetization was also measured. Based on these measurements, the rheological behavior of magnetic fluids with varying concentrations and magnetic field directions was studied. Results indicate that the residence time of the magnetic fluids in the magnetic field and the de-magnetization time have almost no effect on their viscosity. When the magnetic field direction is perpendicular to the flow direction, regardless of concentration, aqueous magnetic fluids exhibit shear thinning behavior; when it is parallel to the flow direction, high-concentration aqueous magnetic fluids show shear thickening, while low-concentration ones behave as Newtonian fluids. In this study’s shear rate range, no Newtonian regions were found in either high- or low-shear rate regions.