The rheological effect of manganese zinc (Mn-Zn) ferrite ferrofluid was studied and the impact of temperature on the magnetoviscosity and viscoelastic system of manganese-zinc ferrite ferrofluid generated by co-precipitation process is investigated. At 25 ◦C, a ferrofluid structure that is both hard and elastic is produced. As the temperature rises, the fluid structure loses its elasticity and becomes semi-rigid. When a low relaxation modulus is applied, the fluid behavior, which is temperature-dependent, exhibits the development of linear stress relaxation and steady state flow. When a greater relaxation modulus is used, non-steady state flow results. At a high temperature of 50 ◦C, steady state flow is quickly obtained, whereas at a low temperature, equilibrium or steady state is attained more slowly. At low temperatures, the fluid exhibits a solid-like structure, whereas at high temperatures, a liquid-like structure forms as the fluid’s viscosity decreases. With the creation of yield stress in the region with high shear rates, shear stress increases with temperature, and yield stress increases with temperature. The viscoelastic system is underdamped, and the amount of fluid deflected at 25 ◦C is small, which prevents the disruption of the fluid’s rheology. This develops as a result of the presence of a small deflection angle, which facilitates the development of high magnetoviscosity at low temperature. High viscous effect forms at low temperatures due to the creation of low shear stress and low deflection angle at temperature 25 ◦C. The sample has a single phase and FCC structure, which X-ray diffraction research has verified.