Analysis of a time‐independent magnetohydrodynamic viscoelastic fluid flow in a deformable inclined porous layer with first‐order chemical reaction has been investigated. Walters' fluid model has been used to study viscoelastic fluid. The walls are suctioned/injected at a constant rate. The expression representing the solution for solid displacement, fluid velocity, temperature, and concentration distribution is obtained. The effect of applicable parameters on solid displacement, fluid velocity, temperature, and concentration are discussed graphically, while skin friction, heat transfer, and mass transfer are revealed in a tabular structure. It is noticed that solid displacement, fluid velocity, and temperature profiles decrease when the viscoelastic parameter increase. Solid displacement enhances and the velocity of the fluid reduces owing to the influence of increasing drag parameter, whereas the reverse effect is seen for the volume fraction parameter. Nusselt number at the walls shows the opposite behavior for the viscoelastic parameter and Eckert number. Sherwood number at the walls shows opposite behavior for Reynolds number, Schmidt number, and radiation parameter. Also, the entropy generation number rises as a result of the influence of viscoelasticity and Eckert number.