As the vibration of high speed train becomes fierce when the train runs at high speed, it is crucial to develop a novel suspension system to negotiate train's vibration. This paper presents a novel suspension based on Magnetorheological fluid (MRF) damper and MRF based smart air spring. The MRF damper is used to generate variable damping while the smart air spring is used to generate field-dependent stiffness. In this paper, the two kind smart devices, MRF dampers and smart air spring, are developed firstly. Then the dynamic performances of these two devices are tested by MTS. Based on the testing results, the two devices are equipped to a high speed train which is built in ADAMS. The skyhook control algorithm is employed to control the novel suspension. In order to compare the vibration suppression capability of the novel suspension with other kind suspensions, three other different suspension systems are also considered and simulated in this paper. The other three kind suspensions are variable damping with fixed stiffness suspension, variable stiffness with fixed damping suspension and passive suspension. The simulation results indicate that the variable damping and stiffness suspension suppresses the vibration of high speed train better than the other three suspension systems.