We obtain the complete Lie symmetry group classification of the dynamic fourth-order Euler-Bernoulli partial differential equation, where the elastic modulus, the area moment of inertia are constants and the applied load is a nonlinear function. In the Lie analysis, the principal Lie algebra which is two-dimensional extends in three cases, viz., the linear, the exponential, and the general power law. For each of the nontrivial cases, we determine symmetry reductions to ordinary differential equations which are of order four. In only one case related to the power law we are able to have a compatible initial-boundary value problem for a clamped end and a free beam. For these cases we deduce the corresponding fourth-order ordinary differential equations with appropriate boundary conditions. We provide an asymptotic solution for the reduced fourth-order ordinary differential equation corresponding to a clamped or free beam.