This paper reveals the characteristics of mixed convection slip flow of an electrically conducting fluid over a wedge subject to temperature dependent viscosity and thermal conductivity variations. The system of dimensionless nonsimilar governing equations has been solved by an implicit finite difference method. We also use stream‐function formulation to reduce the governing equations into a convenient form, which are valid for small and large time regimes. These are solved employing the perturbation method for small time and the asymptotic method for large time. Numerical solutions yield a good agreement with the series solutions. Because of the increase in the mixed convection parameter, the peak of the velocity profile increases whereas the maximum temperature decreases. In contrast, the local skin‐friction coefficient and local Nusselt number are found to increase with the mixed convection parameter. For higher values of the velocity slip and temperature jump conditions, the local skin‐friction coefficient and the local Nusselt number are found to increase. The viscosity parameter enhances the local skin friction and the local Nusselt number. But the converse characteristic is observed for the thermal conductivity parameter. The results could be used in microelectromechanical systems, fabrication, melting of polymers, polishing of artificial heart valves, etc.