The nonrelativistic treatment of the Varshni–Shukla potential (V–SP) in the presence of magnetic and Aharanov–Bohm fields is carried out using the asymptotic iteration method (AIM). The energy equation and wave function are derived analytically. The energy levels are summed to obtain the partition function, which is employed to derive the expressions for the thermomagnetic properties of the V–SP. These properties are analyzed extensively using graphical representations. It is observed that in the various settings of the analysis, the system shows a diamagnetic characteristic, and the specific heat capacity behavior agrees with the recognized Dulong–Petit law, although some slight anomaly is observed. This irregular behavior could be attributed to a Schottky anomaly. Our findings will be valuable in a variety of fields of physics, including chemical, molecular and condensed matter physics, where our derived models could be applied to study other diatomic molecules and quantum dots, respectively.