Rheological characteristics of different viscoelastic magnetic fluids (VMF) are investigated experimentally in the present work. The test VMF is a mixture of a magnetic fluid and a viscoelastic fluid with different mass ratios. Studies show that the viscosity of VMF not only varies with external magnetic field, but also the mass ratio of the magnetic fluid in VMF. Most importantly, we found that the first normal stress difference that VMF act on the magnetic cone of rheometer decreases with increase of the magnetic field, and it becomes negative at low shear speed.