We analyze the effect of velocity slip boundary condition on the flow and heat transfer of non-Newtonian nanofluid over a stretching sheet with a heat source/sink, under the action of a uniform magnetic field, orientated normally to the plate. The Brownian motion and thermophoresis effects are also considered. The boundary layer equations governed by the partial differential equations are transformed into a set of ordinary differential equations with the help of local similarity transformations. The differential equations are solved by the variational finite element method (FEM). We have examined the effects of different controlling parameters, namely, the Brownian motion parameter, the thermophoresis parameter, uniform magnetic field, viscoelastic parameter, Prandtl number, heat source/sink parameter, Lewis number, and the slip parameter on the flow field and heat transfer characteristics. Graphical display of the numerical examination is performed to illustrate the influence of various flow parameters on the velocity, temperature, concentration, and Nusselt and Sherwood numbers distributions. The present study has many applications in coating and suspensions, cooling of metallic plate, paper production, heat exchangers technology, and materials processing exploiting.