Disclosed herein is a multiphase electrorheological fluid having an improved yield stress and stability. The multiphase electrorheological fluid comprises a first liquid phase component as a continuous oil phase; particles dispersed in the continuous oil phase; and a second liquid phase component which consists of emulsion liquid droplets and is dispersed in the continuous oil phase while being immiscible with the continuous oil phase. The dispersed liquid droplets have higher electrical conductivity and dielectric constant than those of the continuous oil phase.