This paper analytically investigates unsteady, laminar, magnetohydrodynamic (MHD) mixed convective oscillatory flow of two immiscible viscous fluids through a horizontal two-phase channel. The channel consists of a porous upper region (Region~I, $0 \le y \le h$) and a non-porous lower region (Region~II, $-h \le y \le 0$), separated by a permeable interface, with a uniform transverse magnetic field $B_0$ applied normal to the flow. The governing equations incorporate thermal buoyancy ($Gr$), concentration buoyancy ($Gc$), Darcy porous resistance, thermal radiation (Rosseland approximation), volumetric heat generation/absorption, first-order destructive chemical reaction, and the Soret effect in both regions. An oscillatory suction/injection velocity is assumed at the walls, and a perturbation expansion in the small parameter $\varepsilon \ll 1$ decouples the system into zeroth-order (steady) and first-order (oscillatory) ODEs, solved analytically. Six interface conditions enforce continuity of velocity, shear stress, temperature, heat flux, concentration, and mass flux. Closed-form expressions are derived for velocity, temperature, and concentration profiles, as well as skin friction $\tau$, Nusselt number $Nu$, and Sherwood number $Sh$. Parametric studies show that increasing the Soret number $Sr$ enhances velocity by 15-20% in the porous region, while increasing the Hartmann number $M$ retards flow by up to 40% via the Lorentz force. Thermal radiation augments both $Nu$ and the thermal field, and destructive chemical reaction increases $Sh$ by 25-30%. Results are validated against limiting cases including hydrodynamic flow ($M=0$), no Soret effect ($Sr=0$), and the single-phase limit.