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The Korteweg–de Vries (KdV) equation is a nonlinear evolution equation that reflects a wide variety of dispersive wave occurrences with limited amplitude. It has also been used to describe a range of major physical phenomena, such as shallow water waves that interact weakly and nonlinearly, acoustic waves on a crystal lattice, lengthy internal waves in density-graded oceans, and ion acoustic waves in plasma. The KdV equation is one of the most well-known soliton models, and it provides a good platform for further research into other equations. The KdV equation has several forms. The aim of this study is to introduce and investigate a (2+1)-dimensional generalized fifth-order KdV equation with power law nonlinearity (gFKdVp). The research methodology employed is the Lie group analysis. Using the point symmetries of the gFKdVp equation, we transform this equation into several nonlinear ordinary differential equations (ODEs), which we solve by employing different strategies that include Kudryashov’s method, the $(G^{\prime }/G)$ expansion method, and the power series expansion method. To demonstrate the physical behavior of the equation, 3D, density, and 2D graphs of the obtained solutions are presented. Finally, utilizing the multiplier technique and Ibragimov’s method, we derive conserved vectors of the gFKdVp equation. These include the conservation of energy and momentum. Thus, the major conclusion of the study is that analytic solutions and conservation laws of the gFKdVp equation are determined. Full article