The main aim of the present article is to investigate the elastic deformation effects on the boundary layer flow of an incompressible second-grade two-phase nanofluid model over a stretching surface in the presence of suction and partial slip boundary condition.  The second grade nanofluid model with elastic deformation effects is investigated for the first time.  The combined effects of elastic deformation, Brownian motion and thermophoresis are also analyzed for the first time. To analyses, the heat transfer, heat and mass flux boundary conditions are considered.  The governing boundary layer nonlinear partial differential equations are converted into a set of ordinary differential equations by means of similarity transformations.  Numerical solutions are obtained using fourth order Runge-Kutta method together with shooting method.   The combined effects of elastic deformation with other physical parameters on the thermal field, solid volume fraction, skin friction coefficient, local Nusselt number and local Sherwood number are discussed graphically. It is found that the elastic deformation parameter enhances the local Nusselt number and decreases the local Sherwood number.