© 2021, The Author(s). Studies highlighting nanoparticles suspensions and flow attributes in the context of their application are the subject of current research. In particular, the utilization of these materials in biomedical rheological models has gained great attention. Magneto nanoparticles have a decisive role in the ferrofluid flows to regulate their viscoelastic physiognomies. Having such substantial interest in the flow of ferrofluids our objective is to elaborate the melting heat transfer impact in a stretched Oldroyd-B flow owing to a magnetic dipole in the presence of entropy generation optimization. Buongiorno nanofluid model expounding thermophoretic and Brownian features are considered. Moreover, activation energy with chemical reaction is also considered. The Cattaneo–Christov heat flux model is affianced instead of conventional Fourier law. The renowned bvp4c function of MATLAB is utilized to handle the nonlinearity of the system. Impacts of miscellaneous parameters are portrayed through graphical fallouts and numeric statistics. Results divulge that the velocity and temperature profiles show the opposite trend for growing estimates of the ferromagnetic parameter. It is also noticed that the temperature ratio parameter diminishes the entropy profile. Moreover, it is seen that the concentration profile displays a dwindling trend for the Brownian motion parameter and the opposite trend is witnessed for the thermophoretic parameter.