Variable valve timing (VVT) and variable valve lift (VVL) are two promising methods for improving gasoline engine performance. VVL improves part-load performance, and VVT reduces low-speed fuel consumption. Automobile industries and researchers have developed several mechanical, hydraulic, and electronic devices to implement these variable valve functions in engines. In this study, a control strategy is developed for a new compact and low-energy-consumption magneto-rheological valve train (MRVT) to effectively accomplish the variable valve functions and achieve superior engine performance. A non-throttle single-cylinder spark-ignition (SI) engine dynamic model is established to simulate the engine performance by using the flexibility of this new valve train. A six-mode strategy using VVT and VVL is proposed under different engine running conditions of speed and load. Dynamic simulations were conducted for investigating the six-mode strategy based engine performance. The results indicate that the combination of VVT and VVL in the corresponding engine mode can effectively give about 15–20% improvement in the brake fuel efficiency during low and medium speeds. Moreover, by using VVL, about 10–14% improvement in brake specific fuel consumption can be achieved at part-load conditions. According to this computational investigation, the overall engine efficiency and performance can be improved significantly by using a controllable magneto-rheological valve and strategically changing the engine VVL and VVT.