Magnetorheological elastomers (MREs) are a type of material that can be altered by applying an external magnetic field due to their elastic nature. MREs are often created by combining micron-sized magnetic particles into matrices that resemble non-magnetic rubber. This review study analyses the materials, preparation processes, investigation models and application of MREs. The initial phase involves incorporating various elastic-like matrices and magnetic particles for the production of MREs, along with the corresponding preparation methods. Secondly, several examples of MRE microstructures are provided, along with various characterisation methods. The experimental demonstration shows the development of the observable mechanical features of MREs influenced by an external magnetic field. Moreover, it addresses the challenges of MREs and their applications in design domains and speculates on their potential usage.