The impacts of MHD and heat generation/absorption on lid‐driven convective fluid flow occasioned by a lid‐driven square enclosure housing an elliptic cylinder have been investigated numerically. The elliptic cylinder and the horizontal enclosure boundaries were insulated and the left vertical lid‐driven wall was experienced at a fixed hot temperature, and the right wall was exposed to a fixed cold temperature. COMSOL Multiphysics 5.6 software was used to resolve the nondimensional equations governing flow physics. A set of parameters, such as Hartmann number (0
≤
italicHa
≤
50 $0\le {Ha}\le 50$), Reynolds number (1
0
2
≤
italicRe
≤
1
0
3 $1{0}^{2}\le {Re}\le 1{0}^{3}$), Grashof number (1
0
2
≤
italicGr
≤
1
0
5 $1{0}^{2}\le {Gr}\le 1{0}^{5}$), heat generation‐absorption parameter (−
3
≤
J
≤
3 $-3\le J\le 3$), and elliptical cylinder aspect ratio (AR) (1.0
≤
italicAR
≤
3.0 $1.0\le {AR}\le 3.0$) have been investigated. The current study discovered that for low Reynolds number, the adiabatic cylinder AR of 2.0 provided the optimum heat transfer enhancement for the model investigated, also the impact of cylinder size diminishes beyond Gr = 104. But for high Reynolds (Re = 1000), the size of the cylinder with AR = 3.0 offered the highest heat transfer augmentation. The clockwise flow circulation reduces because of an increase in AR, which hinders the flow circulation. In addition, heat absorption supports heat transfer augmentation while heat generation can suppress heat transfer improvement.