In this paper, a steady axisymmetric MHD flow of two dimensional incompressible fluids is studied under the influence of a uniform transverse magnetic field. The governing equations are reduced to nonlinear boundary value problem by applying the integribility conditions. Optimal Homotopy Asymptotic Method (OHAM) is applied to obtain solution of reduced fourth order nonlinear boundary value problem. For comparison, the same problem is also solved by Variational Iteration Method (VIM).