Magnetic nanoparticles for ferromagnetic fluids and magnetorheological fluids were prepared by chemical coprecipitation and mechanical milling, respectively. The surface-treated particles were dispersed at various weight ratios into a medium of polyethylene glycol. In order to evaluate the elastic modulus of the fluids, ultrasonic pulse velocities were measured with an ultrasonic test using transducers of 5MHz and 2.25MHz. The ultrasonic signals were only available with a transducer of 2.25 MHz at fluid concentrations of 5 mg/ml and lower. In the case of applying transducers over 2.25 MHz and concentrations over 5 mg/ml to the fluids, it was impossible to observe effective ultrasonic signals due to an excessive scattering of the pulses by the dispersed particles. Elastic moduli of the magnetorheological fluids were 5.44 GPa and 6.13 GPa with concentrations of 25 mg/ml and 50 mg/ml, respectively; these values were higher by 40% than the values of 4.04 GPa and 4.28 GPa of ferromagnetic fluids at the same concentrations. As for the effect of an external magnetic field on these dilute fluids, the ultrasonic signals were positioned in a very similar way, which was probably due to insufficient arrangement of the particles even though the reflection energy of the ultrasonic waves apparently increased.