Comprehensive magnetic particle stability together with compatibility between them and liquid medium (silicone oil) is still a crucial issue in the case of magnetorheological (MR) suspensions to guarantee their overall stability and MR performance. Therefore, this study is aimed at improving the interfacial stability between the carbonyl iron (CI) particles and silicone oil. In this respect, the particles were modified with polymer brushes and dendritic structures of poly(2-(trimethylsilyloxy)ethyl methacrylate) (PHEMATMS), called CI-brushes or CI-dendrites, respectively, and their stability properties (corrosion, thermo-oxidation, and sedimentation) were compared to neat CI ones. Compatibility of the obtained particles and silicone oil was investigated using contact angle and off-state viscosity investigation. Finally, the magneto-responsive capabilities in terms of yield stress and reproducibility of the MR phenomenon were thoroughly investigated. It was found that MR suspensions based on CI-brushes had significantly improved compatibility properties than those of neat CI ones; however, the CI-dendrites-based suspension possessed the best capabilities, while the MR performance was negligibly suppressed.