This investigation discusses the modified M-truncated form of the perturbed Chen–Lee–Liu (pCLL) dynamical equation. The pCLL equation is a generalization of the original CLL equation, which describes the propagation of optical solitons in optical fibers. The pCLL equation includes additional terms that account for various influences such as chromatic dispersion, nonlinear dispersion, inter-modal dispersion, and self-steepening. A new version of the generalized exponential rational function method is utilized to obtain multifarious types of soliton solutions. Moreover, the planar dynamical system of the concerned equation is created using a Hamiltonian transformation, all probable phase portraits are given, and sensitive inspection is applied to check the sensitivity of the considered equation. Furthermore, after adding a perturbed term, chaotic and quasi-periodic behaviors have been observed for different values of parameters, and multistability is reported at the end. Numerical simulations of the solutions are added to the analytical results to better understand the dynamic behavior of these solutions. The study’s findings could be extremely useful in solving additional nonlinear partial differential equations.