In order to obtain the trend of the properties of magnetorheological elastomer (MRE) with the applied magnetic flux density and excitation frequency, MREs with different ratios were prepared to investigate the relative MR effects and shear modulus properties. Three kinds of MRE samples were prepared based on the silicone rubber and silicone oil mass fraction ratio of 3∶2, and high viscosity silicone oil was selected to analyze the changes of energy storage modulus and shear modulus with magnetic flux density under oscillatory shear mode with different ratios, different shear strains, and shear frequencies, as well as the trends of MRE normal force under different preloads. The experimental results show that the energy storage modulus, shear modulus and normal force of MRE increase with the increase of magnetic flux density. The results indicate that the maximum change of the MRE normal force increases by 31.6% when the preload is increased from 5 N to 25 N. When the magnetic flux density increases from 0 to 0.8 T, the maximum energy storage modulus of sample 3 is 2.25 MPa, with a maximum relative MRE effect of 1 465.60%, and the maximum shear modulus of sample 3 is 2.25 MPa,which is an increase of 1 400.00% compared to the zero-field case. This experiment shows that MRE is suitable for high-frequency and low-shear strain application, and iron powder with 80% mass fraction can effectively improve the mechanical properties of MRE.