The mutual influences of the electric field, rotation, and heat transmission find applications in controlled drug delivery systems, precise microfluidic manipulation, and advanced materials’ processing techniques due to their ability to tailor fluid behavior and surface morphology with enhanced precision and efficiency. Capillary instability has widespread relevance in various natural and industrial processes, ranging from the breakup of liquid jets and the formation of droplets in inkjet printing to the dynamics of thin liquid films and the behavior of liquid bridges in microgravity environments. This study examines the swirling impact on the instability arising from the capillary effects at the boundary of Rivlin–Ericksen and viscous liquids, influenced by an axial electric field, heat, and mass transmission. Capillary instability arises when the cohesive forces at the interface between two fluids are disrupted by perturbations, leading to the formation of characteristic patterns such as waves or droplets. The influence of gravity and fluid flow velocity is disregarded in the context of capillary instability analyses. The annular region is formed by two cylinders: one containing a viscous fluid and the other a Rivlin–Ericksen viscoelastic fluid. The Rivlin–Ericksen model is pivotal for comprehending the characteristics of viscoelastic fluids, widely utilized in industrial and biological contexts. It precisely characterizes their rheological complexities, encompassing elasticity and viscosity, critical for forecasting flow dynamics in polymer processing, food production, and drug delivery. Moreover, its applications extend to biomedical engineering, offering insights crucial for medical device design and understanding biological phenomena like blood flow. The inside cylinder remains stationary, and the outside cylinder rotates at a steady pace. A numerically analyzed quadratic growth rate is obtained from perturbed equations using potential flow theory and the Rivlin–Ericksen fluid model. The findings demonstrate enhanced stability due to the heat and mass transfer and increased stability from swirling. Notably, the heat transfer stabilizes the interface, while the density ratio and centrifuge number also impact stability. An axial electric field exhibits a dual effect, with certain permittivity and conductivity ratios causing perturbation growth decay or expansion.