Magnetorheological elastomers (MREs) are smart materials whose mechanical properties, like their modulus and elasticity, can be controlled by an external magnetic field. This feature has resulted in a number of novel applications, such as adaptive tuned dynamic vibration absorbers for suppressing unwanted vibrations over a wide frequency range. MRE-based devices operate in different modes, such as shear mode and squeeze mode; however, the study of mechanical performances of MREs under squeeze mode is very rare. This article aims to investigate MRE performances under both shear and squeeze modes. Experimental studies and simulations were conducted to analyze the MR effect in both modes. These studies indicate a different working frequency ranges for both modes. In a case study, a MRE-based vibration absorber was built up in a simulation and its mechanical performances were analyzed, which demonstrated good capabilities in reducing vibrations.