The hydrophilic-lipophilic balance (HLB) parameters of surfactants have a significant effect on properties of surfactants and determine the effects of surfactants. The magneto-rheological fluid (MRF) is prepared by using the two typical HLB parameters of surfactants including Polyethylene Glycol and oleic acid in order to improve the property of MRF. Polyethylene Glycol (PEG) whose HLB parameter is 20 has strong hydrophilic. Oleic acid whose HLB parameter is 1 has strong lipophilic. The results indicate that magnetic properties of magnetic particles and rheological properties of MRF can hardly be changed by adding surfactants. The sedimentary stability of MRF adding lipophilic surfactants is superior to that of MRF adding hydrophilic surfactants, and the stability of MRF adding two surfactants increases significantly.