The introduction of hybrid nanofluids is an important concept in various engineering and industrial applications. It is used prominently in various engineering applications, such as wider absorption range, low-pressure drop, generator cooling, nuclear system cooling, good thermal conductivity, heat exchangers, etc. In this article, the impact of variable magnetic field on the flow field of hybrid nano-fluid for the improvement of heat and mass transmission is investigated. The main objective of this study is to see the impact of hybrid nano-fluid (ferrous oxide water and carbon nanotubes) CNTs-Fe3O4, H2O between two parallel plates with variable magnetic field. The governing momentum equation, energy equation, and the magnetic field equation have been reduced into a system of highly nonlinear ODEs by using similarity transformations. The parametric continuation method (PCM) has been utilized for the solution of the derived system of equations. For the validity of the model by PCM, the proposed model has also been solved via the shooting method. The numerical outcomes of the important flow properties such as velocity profile, temperature profile and variable magnetic field for the hybrid nanofluid are displayed quantitatively through various graphs and tables. It has been noticed that the increase in the volume friction of the nano-material significantly fluctuates the velocity profile near the channel wall due to an increase in the fluid density. In addition, single-wall nanotubes have a greater effect on temperature than multi-wall carbon nanotubes. Statistical analysis shows that the thermal flow rate of (Fe3O4-SWCNTs-water) and (Fe3O4-MWCNTs-water) rises from 1.6336 percent to 6.9519 percent, and 1.7614 percent to 7.4413 percent, respectively when the volume fraction of nanomaterial increases from 0.01 to 0.04. Furthermore, the body force accelerates near the wall of boundary layer because Lorentz force is small near the squeezing plate, as the current being almost parallel to the magnetic field.