The impact of an axial magnetic field on the heat transfer and nanofluid flow among two horizontal coaxial tubes in the presence of thermal radiation was considered in this study. The impact of viscous dissipation was also considered. The well-known KKL (Koo-Kleinsteuer-Li) model was applied to approximate the viscosity of the nanofluid and the effective thermal conductivity. Furthermore, proper transformations for the velocity and temperature were applied in this study to obtain a set of ODEs (ordinary differential equations) for basic equations governing the flow, heat and mass transfer. In addition, the 4th order Runge-Kutta (RK) numerical scheme was applied to solve the differential equations along with the associated boundary conditions. The impacts of different parameters, including Hartmann number, Reynolds number, radiation parameter and aspect ratio, on the heat transfer and flow features were studied. According to the results, the value of the Nusselt number increases with an increase in the radiation parameter, Hartmann number and aspect ratio and a decrease in the Reynolds number and Eckert number. Fig. 8 Effect of aspect ratio on the Nusselt number and skin friction coefficient when Pr ¼ 6.8, h ¼ 0.5, Ec ¼ 0.01, Rd ¼ 0.1, Re ¼ 1, f ¼ 0.04.