A magnetorheological fluid (MR fluid) is mainly composed of soft magnetic particles, surfactants, and the base carrier fluid. Among these, soft magnetic particles and the base carrier fluid influence the MR fluid significantly in a high-temperature environment. Therefore, a study was carried out to investigate the changes in the properties of soft magnetic particles and base carrier fluids in high-temperature environments. On this basis, a novel magnetorheological fluid with high-temperature resistance was prepared, and the novel magnetorheological fluid had excellent sedimentation stability, of which the sedimentation rate was only 4.42% after heat treatment at 150 °C followed by one-week placement. At 30 °C, the shear yield stress of the novel fluid was 9.47 kPa under the magnetic field of 817 mT: higher than the general magnetorheological fluid with the same mass fraction. Moreover, its shear yield stress was less affected by the high-temperature environment, reducing by only 4.03% from 10 °C to 70 °C. The novel MR fluid can be applied to a high-temperature environment, effectively expanding the application range of MR fluid.