Compressive loading of the carbon nanotube (CNT) has attracted much attention due to its entangled cellular like structure (CNT foam). This report investigates the mechanical behavior of magnetorheological fluid impregnated micro porous CNT foam that has not been realized before at this scale. Compressive behavior of CNT foam is found to greatly depend on the variation in both fluid viscosity as well as magnetic field intensity. Moreover, maximum achieved stress and energy absorption in CNT foam followed a power law behavior with the magnetic field intensity. Magnetic field induced movement of both CNT and iron oxide particles along the field direction is shown to dominate compressive behavior of CNT foam over highly attractive van der Waals forces between individual CNT. Therefore, this study demonstrates a method for tailoring the mechanical behavior of the fluid impregnated CNT foam.