In this research, the (2+1)‐dimensional normal biological population model, incorporating the Verhulst law for population growth, is employed to explore species population dynamics. Employing Lie symmetry analysis, we address a nonlinear degenerate parabolic partial differential equation, yielding much‐improved results. This analysis includes computing one‐dimensional optimal subalgebras, reduced ordinary differential equations, and obtaining invariant solutions with a visual depiction of the physical behavior of the Verhulst biological population model through symmetry group transformations. Additionally, the multiplier method leads to novel conservation laws and potential systems not locally connected to the governing partial differential equation (PDE). These findings have significant implications for understanding and controlling biological populations, offering insights for applications in ecology and the environment.