Hybrid nanofluids are of great importance in the field of industry due to high effective thermal conductivity which causes high rates of heat transfer. The current article investigates the impact of variable magnetic field and chemical reaction of MWCNT/Fe 3 O 4 –water hybrid nanofluid over an exponentially shrinking porous sheet with slip boundary conditions. Suitable transformations convert the governing equations into coupled nonlinear ordinary differential equations. Further, these equations are solved by the help of shooting technique. The influences of operating parameters on the flow domain as well as force coefficients and rates of heat and mass transfers are computed and shown through graphs and tables. It is found that hybridity augments the temperature and concentration profiles. Further, suction/injection parameter enriches the skin friction coefficient, but reverse trend is observed for velocity slip parameter.