In the present study, the influence of the induced magnetic field on the MHD mixed convective electrically conducting fluid flow inside the vertical cylindrical annulus is analyzed numerically. The heat transfer is presumed to be due to a combination of mixed convection and radiation. The stability of the flow is examined when the solid and fluid phases are not in local thermal equilibrium. The governing equations are solved numerically by both finite difference and finite element methods. To control the flow formation rate more accurately the induced magnetic field is also considered in this study. As the magnetic Prandtl number (Pm) and Hartmann number (M) get enhanced, the velocity and induced magnetic fields get retarded in the annulus due to the presence of drag‐like force, namely, the Lorentz force. When there is an increase in the mixed convection parameter the induced magnetic field gets enhanced. An increase in radiation parameter tends to decline the fluid temperature and reverse the behavior of the solid temperature. Increment in Pm decreases the wall shear stress near the conducting cylinder. Increasing values of porous, magnetic, and radiation parameters lead to an unstable system with smaller heat transfer coefficient values but the system gets stabilized for larger values of heat transfer coefficient. The results could be used as first‐hand information for comprehending and developing the thermal flow phenomenon in porous media. The obtained numerical results are in good accordance with the existing results. Using an artificial neural network, heat transfer characteristics are analyzed through mean square error and regression analysis.