In this paper, we employed the bifurcation method and qualitative theory of dynamical systems to study the peakons and periodic cusp waves of the generalization of the Camassa-Holm equation, which may be viewed as an extension of peaked waves of the same equation. Through the bifurcation phase portraits of traveling wave system, we obtained the explicit peakons and periodic cusp wave solutions. Further, we exploited the numerical simulation to confirm the qualitative analysis, and indeed, the simulation results are in accord with the qualitative analysis. Compared with the previous works, several new nonlinear wave solutions are obtained.