Analytical study for the problem of flow and heat transfer of electrically conducting viscoelastic fluid over a continuously moving permeable stretching surface with nonuniform heat source/sink in a fluid-saturated porous medium has been undertaken. The momentum and thermal boundary layer equations, which are partial differential equations, are converted into ordinary differential equations, by using suitable similarity transformation. The resulting nonlinear ordinary differential equations of momentum are solved analytically assuming exponential solution, and similarly thermal boundary layer equations are solved exactly by using power series method, with the solution obtained in terms of Kummer's function. The results are shown with graphs and tables. The effect of various physical parameters like viscoelastic parameter, porosity parameter, Eckert number, space, and temperature-dependent heat source/sink parameters enhances the temperature profile, whereas increasing the values of the suction parameter and Prandtl number decreases the temperature profile. The results have technological applications in liquid-based system involving stretchable materials.