An attempt has been made to study the heat and mass transfer effects in a boundary layer flow through porous medium of an electrically conducting viscoelastic fluid subject to transverse magnetic field in the presence of heat source/sink and chemical reaction. It has been considered the effects of radiation, viscous and Joule dissipations and internal heat generation/absorption. Closed form solutions for the boundary layer equations of viscoelastic, second-grade and Walters׳ B′ fluid models are obtained. The method of solution involves similarity transformation. The transformed equations of thermal and mass transport are solved by applying Kummer׳s function. The solutions of temperature field for both prescribed surface temperature (PST) as well as prescribed surface heat flux (PHF) are obtained. It is important to remark that the interaction of magnetic field is found to be counterproductive in enhancing velocity and concentration distribution whereas the presence of chemical reaction as well as porous matrix with moderate values of magnetic parameter reduces the temperature and concentration fields at all points of flow domain.