Magnetorheological grease (MRG) consisting of different types of carriers and magnetic particles was prepared with the in-situ saponification method, and the influences of different carriers and magnetic particles on the magnetorheological performances of MRG were tested with a rheometer. The suspension stability of MRG was tested by direct observation. The experimental results indicate that the skeleton microstructures inside MRGs can be controlled by changing the type of base oil and its viscosity, so as to effectively improve the magnetorheological performance and suspension stability of MRG; and larger magnetic particles are likely to improve the mobility of MRGs, contribute to stronger microstructures, and thus enhance the magnetorheological response of MRGs.