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The present article examines the effect of induced magnetic field in stagnation point flow of nanofluid by a rotating disk with variable thickness. Nanofluid comprises water and aluminium oxide. Mathematical modeling is presented in presence of melting heat transfer and heat generation/absorption aspects. The governing equations are transformed into system of ordinary differential equations by similarity transformations. Nonlinear systems are solved by Homotopy Analysis Method (HAM). Convergence of derived solutions is ensured explicitly. Velocity components, induced magnetic field, temperature, skin friction coefficient and local Nusselt number are examined for influential parameter in this consideration. It is found that axial velocity and axial induced magnetic field are decreasing function of thickness coefficient of disk. Magnitude of volume fraction of silver nanoparticles reduces for radial and azimuthal velocities while increases for temperature. Induced magnetic profile decreases for reciprocal of magnetic Prandtl number. Magnitude of local Nusselt number reduces for melting heat transfer. Keywords: Variable thickness, Rotating disk, Nanofluid, Induced magnetic field, Melting heat transfer, Stagnation point flow