The magneto-rheological elastomer is mostly used in vibration isolation, for which higher modulus and lower Payne effect factors are crucial parameters. Strain amplitudes and frequencies influence many applications under dynamic modes. In this work, the dynamic viscoelastic properties of MRE, fabricated using electrolyte iron (EI) particles, were measured for varying strain amplitude, magnetic field and frequency. A fractional Kelvin-Voigt (KV) model is used in a frequency region from 0.01 to 40 Hz to predict the rheological behaviour. However, the available models failed to explain the observed behaviour at low frequencies and high magnetic fields and increasing strain amplitude (i.e. in the non-viscoelastic region). Therefore, a new modified KV model is proposed in this work to incorporate the drawbacks and hence can validate for varying frequency, magnetic field and strain amplitudes. The added terms can also be used in the fractional derivative Maxwell model to explain the effect of strain amplitude and magnetic field at various frequencies. The proposed model significantly improves the quality of experimental prediction in the low-frequency range, corresponding to a slow dissipative process at different strain amplitudes.