The role of heat and mass transfer as well as entropy generation in cooling/heating processes is indispensable since it plays a crucial role in a variety of industrial applications. Impressed by these applications, the current chapter scrutinizes the entropy generation along with thermal and solutal dissipation rates resulting from MHD double-diffusive convective phenomenon in a nanoliquid-filled annular enclosure. Along the vertical surfaces of the annulus, the uniform temperature and concentration conditions are specified, while the upper and lower boundaries are maintained as insulated and impermeable. The effects influencing the fluid movement, temperature, concentration, and entropy production by different parameters, namely, the buoyancy ratio (-5 ≤ N ≤ 5), Lewis number (0.5 ≤ Le ≤ 5), Hartmann number (0 ≤ Ha ≤ 50), and nanoparticle volume fraction (0 ≤ ≤ 0.05), are examined in detail. Variations in heat and mass dissipation rates, entropy production, and Bejan number are graphically illustrated and are discussed with physical interpretation. Through the vast range of computational study, it has been found that the irreversibility in the system could be controlled by the proper choice of parametric values.