The investigation of the elastic deformation effect in a porous, rough, short bearing lubricated by a ferrofluid and taking the effect of viscosity variation has been explored. The study adopted Rosensweig's viscosity expression to assess the impact of viscosity variation and Neuringer-Rosensweig's model for magnetic fluid flow. An averaged stochastic modified Reynolds equation has been derived to calculate pressure distribution as a function of elastic deformation, viscosity variation, porosity, and aspect ratio parameters followed by load calculation. The analysis of Load Carrying Capacity (LCC) has been presented in graphical forms, taking into account various bearing parameters. The findings indicate that the LCC can be enhanced by increasing magnetization and viscosity variation choosing a suitably aspect ratio parameter. However, the LCC is reduced with increasing elastic deformation, roughness and porosity parameters. But the load bearing capacity gets reduced by the combined effect of porosity, transverse roughness and deformation. However, the viscosity variation effect may retrieve the situation to a nominal extent when the deformation is less.