Many physical systems can be successfully modelled using equations that admit the soliton solutions. In addition, equations with soliton solutions have a significant mathematical structure. In this paper, we study and analyze a three-dimensional soliton equation, which has applications in plasma physics and other nonlinear sciences such as fluid mechanics, atomic physics, biophysics, nonlinear optics, classical and quantum fields theories. Indeed, solitons and solitary waves have been observed in numerous situations and often dominate long-time behaviour. We perform symmetry reductions of the equation via the use of Lie group theory and then obtain analytic solutions through this technique for the very first time. Direct integration of the resulting ordinary differential equation is done which gives new analytic travelling wave solutions that consist of rational function, elliptic functions, elementary trigonometric and hyperbolic functions solutions of the equation. Besides, various solitonic solutions are secured with the use of a polynomial complete discriminant system and elementary integral technique. These solutions comprise dark soliton, doubly-periodic soliton, trigonometric soliton, explosive/blowup and singular solitons. We further exhibit the dynamics of the solutions with pictorial representations and discuss them. In conclusion, we contemplate conserved quantities for the equation under study via the standard multiplier approach in conjunction with the homotopy integral formula. We state here categorically and emphatically that all results found in this study as far as we know have not been earlier obtained and so are new.