This article examined the effects of boundary layer flow and heat transport of a two-dimensional incompressible magnetohydrodynamic tangent hyperbolic fluid under slip boundary conditions and variable thermal conductivity. The entropy generation model is also analysed for the said fluid. Non-similarity transformations transformed the governing equations of the fluid and entropy generation model into dimensionless form. Maple software is used to solve the transformed equations numerically. Effects of different dimensionless parameters on entropy generation rate, Bejan number, velocity and temperature fields are studied thoroughly through graphs. It is observed that for higher values of velocity slip parameter and power-law index, the entropy generation rate decreases while the Bejan number increases. Also, for the Hartmann number, Weissenberg number and Brinkman number, we found an increase in the entropy generation rate, and reverse behaviour is observed for the Bejan number. Nusselt number, temperature profile and Bejan’s number increase with an increase in variable thermal conductivity.