The squeezing flow bears a major importance in everyday phenomena and has vast industrial and biomedical applications. The current study looks at the nanofluid flow among two infinite “parallel plates” that are squeezed. The velocity slip and first‐order compound response have been considered in this problem for a clear understanding of their consequences in the flow of nanofluid and heat transport mechanism. This fluid replica thinks about “Brownian motion” and the influences of “thermophoresis” of nanofluid. The novelty of this work lies in exploring the combined effects of first‐order chemical reaction and the velocity slip on unsteady squeezing flow of nanofluid between two parallel plates as one has not yet reported such effects. The prevailing equations are altered into simplified forms by deploying suitable similarity transformations. Then “numerical solutions” of these equations are obtained by applying the fourth‐order “Runge–Kutta method” with the help of the shooting technique. The accuracy is verified by using two different methods and also comparing our data with the available existing literature. The main goal is to study heat and mass transfer through unsteady squeezing plates by the influence of velocity slip and chemical reaction. The consequences of diverse pertinent parameters on fluid flow, thermal, and concentration fields have been explored in this study. With the rise in “velocity slip parameter” from 0 to 1, 81.37% decrease in skin friction coefficient, 15.81% increase in Nusselt number, and 29.13% increase in Sherwood number are observed. Rising values of the chemical reaction parameter from 0.3 to 0.5, the mass transfer coefficient increases by 66.94%.