The effect of microstructure on the viscosity of rheologically complex magnetic particle suspensions is investigated. The measurements of suspension viscosity are used to obtain the dependence of viscous energy dissipation on the microstructural states of magnetic particle dispersions as well as the microstructural effects which are related to magnetic particle orientation for both rod and plate-like particles. The empirical formulas from mean field theory and the Mooney equation, which are applicable for high concentrations of magnetic particles, are used to relate viscosity to particle concentration.