This article represents a numerical investigation of heat transfer and slip flow of a nanofluid over a stretching cylinder in magnetic field. In order to explore the heat transfer characteristics Cattaneo-Christov flux model is utilized in place of Fourier’s law. By using, suitable transformations, the governing partial differential equations are changed into non-linear ordinary differential equations. A numerical method, known as, spectral relaxation method is used to solve these equations. By using pictorial graphs, the relevant physical parameters that appear in temperature and velocity distributions are analytically discussed. Various types of nanoparticles like Alumina (Al2O3), Titanium oxide (TiO2), Copper (Cu) and Silver (Ag) with water as their base fluid has been assumed. It was identified that absolute value of skin friction coefficient and Nusselt number increases as each of nanoparticle volume fraction or Reynolds number increases. Temperature profile goes up in a faster way in Fourier’s law case than Cattaneo-Christov heat flux model. It is also found that the choice of copper (for large values of nanoparticle volume fraction) and alumina (for small nanoparticle volume fraction) leads to highest cooling performance in solving this problem. In order to examine the accuracy of the method, thorough comparison has been made with some previous results.