We obtain similarity transformations to reduce a system of partial differential equations representing the unsteady fluid flow and heat transfer in a boundary layer with heat generation/absorption using Lie symmetry algebra. There exist seven Lie symmetries for this system of differential equations having three independent and three dependent variables. We use these Lie symmetries for the reduced-order modeling of the flow equations by constructing invariants corresponding to linear combinations of these Lie point symmetries. This procedure reduces one independent variable of the concerned fluid flow model when applied once. Double reductions are achieved by employing invariants twice that lead to ordinary differential equations with one independent and two dependent variables. Similarity transformations are constructed using these two sets of derived invariants corresponding to linear combinations of the Lie point symmetries. These similarity transformations have not been obtained earlier for this flow model. Moreover, the corresponding reduced systems of ordinary differential equations are different from those which exist in the literature for fluid flow and heat transfer that we have been dealing with. We obtain multiple similarity transformations which lead us to new classes of systems of ordinary differential equations. Accurate numerical solutions of these systems are obtained using the combination of an adaptive fourth-order Runge–Kutta method and shooting procedure. Effects of variation of unsteadiness parameter, Prandtl number and heat generation/absorption on fluid velocity, skin friction, surface temperature and heat flux are studied and presented with the help of tables and figures.