Theoretical approaches were applied to study the effect of magnetic field and heat transfer on the flow of blood plasma through an asymmetric arterial segment. The plasma was considered to be unsteady, laminar and an incompressible fluid through non-uniform arterial segment in a two-dimensional flow. Axial velocity, pressure gradient, stream function and pressure shift per wavelength were evaluated in blood plasma flow in arteries by use of coupled linear partial differential equations, solved with the help of Finite difference method. The corresponding initial and boundary conditions were obtained by discretizing the flow channel. The effect of magnetic field on blood plasma in arteries was determined by creating a magnetic field gradient through the application of a varying strength of magnetic field on the flow. Heat transfer characteristics due to applied magnetic field and viscosity of blood was obtained by use of linear partial differential equations to determine varying temperature conditions in heat transfer characteristics. Numerical results for velocity profiles, magnetic profiles and temperature profiles were obtained to characterize blood plasma viscosity by use of various non-dimensional parameters. The results were graphically presented using MATLAB software. The results obtained helped in analyzing theoretically the effects of magnetic field and heat transfer in arterial plasma flow.