This study fabricates magnetorheological elastomer (MRE) samples with iron particle contents of 10%, 30%, 60%, and 75%, investigating how iron particle content influences the static and dynamic properties of MREs through experimental tests. Results show a positive correlation between increasing iron particle content and both tensile strength and elongation at break, although excessively high content leads to reduced mechanical properties. In terms of damping and hysteresis performance, higher iron particle content significantly improves maximum damping force, equivalent stiffness, storage modulus, and dissipated energy, displaying a distinct nonlinear trend. Additionally, the influence of loading frequency on material properties exhibited complex nonlinear and coupling effects. The study employes the Bouc-Wen model combined with a genetic algorithm to identify parameters of the material’s nonlinear hysteretic characteristics, achieving a strong fit. Comprehensive analysis identifies the sample with 60% iron particle content as having the best damping and energy dissipation performance across various conditions. These findings reveal the correlation between iron particle content and MRE properties, providing a theoretical foundation for the development and optimization of MREs.