The heat transfer characteristics for the flow of a time-dependent hybrid nanofluid with thermal radiation and source/sink over a stretching/shrinking sheet are examined in the current investigation. We have transformed the governing equations of the presented study into the similarity equations utilizing similarity variables. However, a numerical solution is obtained by using in-build MATLAB code bvp5c. The mass and energy profiles for diverse values of thermophysical parameters are studied together with their physical quantities. It is observed that dual solutions exist, that is, one is upper, and the other is lower branch solution for a definite choice of the unsteadiness parameter. Also, stability analysis is executed to determine the long-term stability of dual solutions, indicating that out of the two, only one is stable and the other is unstable. It is revealed that comparatively, the first solution shows stability, while the second solution shows instability. There is a considerable influence of second-order slip on the problem’s respective flow and heat transfer characteristics. Further, major outcomes also show the dimensionless frictional stress and the magnitude of conventional heat transfer enhancement with growing suction parameter values.