The present invention provides an electrorheological fluid, which includes a dielectric particle, a conductor particle and insulating oil, and the dielectric particle is evenly dispersed in the insulating oil; wherein the conductor particle is evenly dispersed in the insulating oil or inlaid in an interior and on a surface of the dielectric particle. The electrorheological fluid has the advantages of high shear stress, long service life, good temperature stability and small leakage current.