This study conducts a comprehensive exploration of the elasticity and Marangoni instability exhibited by a non-Newtonian polymer film flow down an inclined plane within the context of an upper-convected Maxwell (UCM) model. The asymptotic solutions are derived utilizing the stream function and perturbation method based on the long-wave assumption. The numerical solutions are effectively solved at arbitrary wavelengths through the implementation of the Chebyshev spectral collocation technique. The results show that the presence of elastic stress renders the film more susceptible to destabilization. The underlying mechanisms that instigate the instability are examined from an energy balance perspective. It is determined that the instability of the film is predominantly governed by shear stress (SHE) and elastic stress (DIP) effects. Shear stress increases the perturbation kinetic energy to promote instability, while elastic stress decreases the perturbation kinetic energy to enhance stability. However, for the Weissenberg number Wi=1, the shear stress changes from an unstable to a stabilizing factor, and the elastic stress changes from stable to unstable when the wave number k>1. This intriguing inversion is attributed to the dual nature of elasticity, possessing both stabilizing and destabilizing tendencies. Despite the work of Marangoni stress (MAT) magnitude remaining within the order of 10−3, the Marangoni effect indirectly contributes to instability enhancement.