In [4,5], Habibullin et.al proposed an approach to construct Lax pairs of a nonlinear integrable partial differential equation (PDE), where one is the linearized equation of the studied PDE and the other is the invariant manifold of the linearized equation. In this paper, we show that the invariant manifold is the characteristic of a generalized conditional symmetry of the system composed of the studied PDE and its linearized PDE. Then we give an upper order bound of the invariant manifold which provides a theoretical basis for a complete classification of such type of invariant manifold. As an application, we give a complete classification of the given type invariant manifold for the KdV and mKdV equations and also construct several invariant manifolds and Lax pairs for the Sharma-Tasso-Olver equation.