Buoyancy assisted and buoyancy opposed mixed convection of a third‐grade fluid, which flows through vertically oriented parallel plates, subjected to uniform and constant wall heat fluxes, under the effect of an externally applied magnetic field, are investigated. The coupled, nonlinear conservation equations of momentum and energy are solved employing the collocation method (CM) and velocity and temperature distributions are solved semianalytically. The results produced by the CM and the results of exact solution are compared for the buoyancy assisted and buoyancy opposed flow of a Newtonian fluid through the vertically oriented parallel plates arrangement without the effect of the externally applied magnetic field. An excellent agreement is exhibited by demonstrating the efficacy of the CM. The effects of the third‐grade fluid parameter, Hartmann number, and mixed convection parameter on the dimensionless velocity, temperature, and Nusselt number are studied. The results imply that in the case of buoyancy assisted flow, an increment in the non‐Newtonian third‐grade fluid parameter causes a decrease in the fluid velocity near the plate walls, which finally causes an increase in the velocity in the central core of the plates. In buoyancy opposed flow, the effect of the same parameter is to oppose the flow reversal near the walls and with higher values of this parameter, it can totally prevent the flow reversal near the walls. The results of the present study can be useful in the fields of flow and heat transfer of various grades of polymers, paints, and food processing.