A magneto-rheological suspension (MRS) is a particulate suspension which shows a dramatic increase in flow resistance upon application of an external magnetic field. The fundamental physical process is believed to be that the field induces polarization of each particle with respect to the carrier material, and the resulting interparticle forces cause aggregates of particles to form in the field direction. While recent years have witnessed the appearance of several applications using these tunable flow properties, optimal use of MRS technology is still hindered by our incomplete understanding of the underlying mechanisms. This paper surveys recent developments which have improved our understanding of several of the key issues governing the rheological behavior of MRS. In particular, experiments using small strain rheometry and oscillatory shear flow have given insights into the viscoelastic nature of the aggregates before they yield. A recent advance in modeling has been the two fluid continuum approach, which may help the establishment of a more general constitutive framework for MRS.