Numerous studies have shown that the gas at the solid-liquid interface in microflow can increase the slip length, reduce the flow resistance. However, the relationship between nanobubbles and fluid boundary slip is complicated, and the impact of nanobubble morphology must be considered. To investigate the combined effect of the bubble model on slip and heat transfer, we investigated the drag reduction and heat transfer effect of microfluidic flow on a 2D hydrophobic wall by theoretical derivation combined with numerical simulation. The comparison of the results revealed good agreement between the analytical solution and the numerical simulation results. It was shown that the gas slip generated by the rarefied gas significantly affected the flow heat transfer effect. Further analysis of the bubble meniscus shape revealed that minimizing the protruding angle of the meniscus is crucial for enhancing drag reduction. In addition, the simulation results also revealed that increasing the gas coverage fraction effectively reduces flow resistance while maintaining heat transfer performance. At the same time, the higher pressure enhanced the heat transfer effect while maintaining the stability of the drag reduction effect.