A modified KdV-type equation is studied by using the bifurcation theory of dynamical system. By investigating the dynamical behavior with phase space analysis, all possible explicit exact traveling wave solutions including peakon solutions, kink and antikink wave solutions, blow-up wave solutions, smooth periodic wave solutions, periodic cusp wave solutions, and periodic blow-up wave solutions are obtained. When the first integral varies, we also show the convergence of the periodic wave solutions, such as the smooth periodic wave solutions converge to the kink and anti-kink wave solutions, the periodic cusp wave solutions converge to the peakon solution, the periodic blow-up wave solutions converge to the blow-up wave solution, the blow-up wave solutions converge to the blow-up wave solution, and the periodic blow-up wave solutions converge to the periodic blow-up wave solution.