Compared with traditional lubricants, magnetic liquid has been a research focus of scholars at home and abroad due to its special controllable lubrication effect. Composition and basic characteristics of magnetic fluid were introduced. Research achievements and recent progress made by scholars at home and abroad regarding magnetic fluid lubrication technology in terms of theory and experiment. In terms of theory, effects of boundary conditions, magnetic field intensity and magnetic particle on pressure distribution and load capacity of magnetic fluid were analyzed. In terms of experiment, effects of changing viscosity in different ways on final lubricating property were discussed. Advantages of magnetic liquid as a new functional lubricant in lubricating property and load capacity were highlighted. In addition, in order to resolve the restriction of permanent magnet space layout, a new perspective of magnetic surface texture in harmony with magnetic fluid lubrication was introduced. Working mechanism of the magnetic surface texture was illustrated emphatically. Experiment showed that the technology could reduce friction and improve lubricating property at high velocity. Besides, promising application prospect of this technology was expected.