Under high velocity, pulse type near source earthquakes semi-active control systems are very effective in reducing seismic response base isolated structures. Semi-active control systems can be classified as: 1) independently variable stiffness, 2) independently variable damping, and 3) combined variable stiffness and damping systems. Several researchers have studied the effectiveness of independently varying damping systems for seismic response reduction of base isolated structures. In this study effectiveness of a combined system consisting of a semi-active independently variable stiffness (SAIVS) device and a magnetorheological (MR) damper in reducing seismic response of base isolated structures is analytically investigated. The SAIVS device can vary the stiffness, and hence the period, of the isolation system; whereas, the MR damper enhances the energy dissipation characteristics of the isolation system. Two separate control algorithms, i.e., a nonlinear tangential stiffness moving average control algorithm for smooth switching of the SAIVS device and a Lyapunov based control algorithm for damping variation of MR damper, are developed. Single and multi degree of freedom systems consisting of sliding base isolation system and both the SAIVS device and MR damper are considered. Results are presented in the form of nonlinear response spectra, and effectiveness of combined variable stiffness and variable damping system in reducing seismic response of sliding base isolated structures is evaluated. It is shown that the combined variable stiffness and variable damping system leads to significant response reduction over cases with variable stiffness or variable damping systems acting independently, over a broad period range.