A magneto-rheological(MR) fluid based rotary loading and braking device is developed. The loading and braking forces of the device are accurately adjustable by controlling the yield stress of MR fluid, so that the vibration control, the precision position control and the speed control of rotating machines equipped with the device can be achieved. As an engineering application, constant rotational speed regulation is conducted using the device manufactured in laboratory, introducing PI control action not only with varying torque due to gravitation, with initial angular speed, but also with constant external torque made by hand. To do this, first, mathematical model was obtained via experiments. And then, simulation was carried out, based on the experimentally identified model. Its result was confirmed through experiment. It is identified by simulation and experimental results that PI action leads to satisfactory control performance in both cases that varying torque due to gravitation, with initial angular speed, and constant external torque are applied.