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The main purpose of the current article is to scrutinize the flow of hybrid nanoliquid (ferrous oxide water and carbon nanotubes) (CNTs + Fe<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>3</mn></msub></semantics></math></inline-formula>O<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>4</mn></msub></semantics></math></inline-formula>/H<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>2</mn></msub></semantics></math></inline-formula>O) in two parallel plates under variable magnetic fields with wall suction/injection. The flow is assumed to be laminar and steady. Under a changeable magnetic field, the flow of a hybrid nanofluid containing nanoparticles Fe<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>3</mn></msub></semantics></math></inline-formula>O<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>4</mn></msub></semantics></math></inline-formula> and carbon nanotubes are investigated for mass and heat transmission enhancements. The governing equations of the proposed hybrid nanoliquid model are formulated through highly nonlinear partial differential equations (PDEs) including momentum equation, energy equation, and the magnetic field equation. The proposed model was further reduced to nonlinear ordinary differential equations (ODEs) through similarity transformation. A rigorous numerical scheme in MATLAB known as the parametric continuation method (PCM) has been used for the solution of the reduced form of the proposed method. The numerical outcomes obtained from the solution of the model such as velocity profile, temperature profile, and variable magnetic field are displayed quantitatively by various graphs and tables. In addition, the impact of various emerging parameters of the hybrid nanofluid flow is analyzed regarding flow properties such as variable magnetic field, velocity profile, temperature profile, and nanomaterials volume fraction. The influence of skin friction and Nusselt number are also observed for the flow properties. These types of hybrid nanofluids (CNTs + Fe<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>3</mn></msub></semantics></math></inline-formula>O<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>4</mn></msub></semantics></math></inline-formula>/H<inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><msub><mrow></mrow><mn>2</mn></msub></semantics></math></inline-formula>O) are frequently used in various medical applications. For the validity of the numerical scheme, the proposed model has been solved by another numerical scheme (BVP4C) in MATLAB.