The invention relates to a self-aligning roller bearing combining a displacement compensation function and a vibration reduction function. The self-aligning roller bearing is used for compensating for a displacement error caused by errors generated in the machining process and the installation process of a part, and has the vibration reduction function at the same time. The self-aligning roller bearing comprises an outer ring, an inner ring, rolling bodies, a retainer, an isolation ring, a solenoid coil, spiral type oil seal grooves and magnetorheological fluid. The inner ring of the bearing is provided with an annular groove similar to a pipeline, the two sides of the annular groove are designed into the spiral type oil seal grooves, the middle part of the annular groove is filled with the magnetorheological fluid, and the spiral type oil seal grooves in the two ends are filled with an oily substance used for sealing the magnetorheological fluid and called oil seals. The oily substance has high viscosity and low liquidity, and is immiscible with basic carrier fluid in the magnetorheological fluid. The inner ring of the bearing is provided with a groove, and the solenoid coil is wound in the groove and isolated from the magnetorheological fluid through the isolation ring. The self-aligning roller bearing has the advantages of being simple in structure, easy and convenient to operate, controllable in driving torque and the like.