The effects of magnetic field and internal heat generation on three component convection in an Oldroyd-B liquid is examined using Galerkin method. A linearized stability analysis is done to examine the system and the Rayleigh number is derived for oscillatory convection. The effect of viscoelastic parameters, internal Rayleigh number, solute Rayleigh numbers, Chandrasekhar number, Prandtl number and diffusion parameters have been inspected and depicted graphically for free-free, rigid-rigid and rigid-free velocity boundary combinations with isothermal and isoconcentration boundaries. Stress relaxation parameter, internal Rayleigh number, and solute Rayleigh numbers are observed to accelerate the onset of convection. Strain retardation parameter, Prandtl number, Chandrasekhar number and ratio of diffusivity of solutes and heat diffusivity are observed to decelerate the onset of convection.