The main emphasis on this paper is to analyze the axisymmetric flow and heat transfer in a liquid film over an unsteady radially stretching surface in the presence of a transverse magnetic field. The similarity transformations are used to reduce the highly nonlinear governing partial differential equations for momentum and energy into a set of ordinary differential equations. A numerical scheme is developed for the reduced nonlinear differential equations for the velocity and temperature fields. The literature survey shows that the present problem of thin film flow over a radially stretching sheet has not been studied before. The features of the flow and heat transfer characteristic for different values of governing parameters such as unsteadiness parameter, Prandtl number, Eckert number, and magnetic parameter are thoroughly examined. This study noticed that, by increasing the magnetic parameter and unsteadiness parameter, film thickness decreases.