Heat transfer augmentation is a significant concern in numerous engineering and industrial cooling/heating appliances nowadays. The usage of hybrid nanoliquids has been drawing attention of scientists in order to reduce the limitations of nanofluids and merge the chemical and physical characteristics of nanoparticles in an effective manner. Keeping such effectiveness in mind, present article aims to investigate the peristaltic flow of hybrid nanofluid with heat transfer and irreversibility analysis. Hybrid nanofluid is formed by mixing copper (Cu) and iron oxide (Fe
3
O
4) nanoparticles in water (H
2
O). The Cu − Fe
3
O
4 hybrid nanofluid with nanoparticles volume concentration 2% is used in this study. Impacts of Hall current, ion-slip, mixed convection and viscous dissipation are taken into consideration. Mathematical modeling for entropy generation is formulated via second law of thermodynamics. Governing equations of given problem are first converted into ordinary differential equations by employing lubrication approach. Obtained dimensionless equations are then tackled analytically with the aid of regular perturbation technique. Results reveal that temperature of hybrid nanofluid decreases by improving concentration of nanoparticles. Heat transfer rate at wall increases by improving Hartman number. Entropy generation reduces by improving Hall and ion-slip parameters. Bejan number increases by increasing Hartman number. Velocity of hybrid nanofluid increases by enhancing Grashof number. Pressure gradient of hybrid nanofluid increases by increasing Hall parameter. Pressure rise per wavelength decreases by enhancing ion-slip parameter. A comparison of temperature for base fluid, nanofluid and hybrid nanofluid is also furnished in tabular form. Additionally, comparison of numerical and analytical outcomes of velocity is also provided graphically. It is anticipated that the present study provides a theoretical data for the selection and design of hybrid nanofluid based heat exchanger.