We implement extensive computer simulations to investigate the hysteresis characteristics in the ordered arrays (lx × ly) of magnetic nanoparticles as a function of aspect ratio Ar = ly/lx, dipolar interaction strength hd, and external magnetic field directions. We have considered the aligned anisotropy case, α is the orientational angle. It provides an elegant en route to unearth the explicit role of anisotropy and dipolar interaction on the hysteresis response in such a versatile system. The superparamagnetic character is dominant with weak dipolar interaction (hd ≤ 0.2), resulting in the minimal hysteresis loop area. Remarkably, the double-loop hysteresis emerges even with moderate interaction strength (hd ≈ 0.4), reminiscent of antiferromagnetic coupling. These features are strongly dependent on α and Ar. Interestingly, the hysteresis loop area increases with hd, provided Ar is enormous, and the external magnetic field is along the y-direction. The coercive field μoHc, remanent magnetization Mr, and the heat dissipation EH also depend strongly on these parameters. Irrespective of the external field direction and weak dipolar interaction (hd ≤ 0.4), there is an increase in μoHc with hd for a fixed α and Ar ≤ 4.0. The dipolar interaction also elevates Mr as long as Ar is huge and the field is along the y-direction. EH is minimal for negligible and weak dipolar interaction, irrespective of Ar, α, and the field directions. Notably, the magnetic interaction enhances EH if Ar is enormous and the magnetic field is along the long axis of the system. These results are beneficial in various applications of interest such as digital data storage and spintronics. (a) Schematic of the two-dimensional array of nanoparticles. The variation of heat dissipation EH as a function of dipolar interaction strength and anisotropy axis orientation is shown in (b)-(d). The magnetic field is applied along the x-direction in (b). In contrast, the magnetic field is applied along y-direction in (c) and (d).