A novel notion in the realm of research is that ternary nanofluid presents itself as a cutting-edge concept showcasing enhanced heat transfer capabilities when pitted against hybrid nanofluids as well as traditional nanofluids. These ternary nanofluids are employed for boosting thermal conductivity in cooling systems, thereby enhancing energy efficiency in electronics and industrial operations. This research aims to investigate the dynamic viscosity variations within a three-component nanofluid comprising Ag, Gr, and GO nanoparticles suspended in water enclosed between dual parallel plates with entropy generation. The examination encompasses the impact of viscous dissipation, thermophoresis, and Brownian motion occurrences within the energy equation, along with considering chemical reactions in the concentration equation. Techniques of similarity are utilized to transform the complex nonlinear partial differential equations into a collection of ordinary differential equations. The necessary equations that arise are attempted through the utilization of the Runge–Kutta-Fehlberg technique in combination with a shooting method. The research examines graphs and tables to study the effects of new factors on velocity, temperature, concentration, and engineering measures. The outcome of the finding shows that the magnetic field and suction cause a greater decrease in [Ag/H2O]n nanofluid velocity, while an increased squeezing limit elevates [Ag+Gr+GO/H2O]t ternary nanofluid velocity. Increasing thermophoresis and Brownian motion enhance temperature in ternary nanofluid, but [Ag/H2O]n nanofluid concentration diminishes with chemical reaction. Entropy production intensifies in ternary nanofluids due to higher radiation and Brinkman numbers. The magnetic field increases the skin friction of ternary nanofluids by 3.4% at both plates but it decreases by 4.12 more in nanofluids because of alterations in the viscosity factor. Heat transfer decreases by 3.05% at the lower plate but increases by 6.01% at the upper plate in ternary nanofluids due to heat production and thermophoresis. An increase of 3.95% in mass transfer rate is observed in the ternary nanofluid at the lower plate but a decrease of 2.06% is noted at the upper plate due to thermophoresis and Brownian motion. The discoveries illuminate the possibilities of ternary nanofluids to boost thermal conductivity and maximize energy efficiency across a range of industrial applications.