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It has become the need of the day for the evolution of newer and better technologies for various applications. In this paper we introduce a new technique of recovering the kinetic energy which is wasted during the process of braking in Formula one cars. In previous techniques of kinetic energy recovery, the kinetic energy is converted to electrical energy which is stored and later utilized. In this paper we propose a new approach of recovering the energy wasted due to braking by using a flywheel mechanism coupled through magnetorheological(MR) fluid. During the process of braking, the energy is transferred from the wheel to the flywheel(recovery) and during the process of acceleration the energy is transferred from the flywheel to the wheel(reuse). Due to this recovery of energy there is an improved acceleration and a comparatively lesser fuel consumption.