A fifth-order KdV equation with time-dependent coefficients and linear damping has been studied. Symmetry groups have several different applications in the context of nonlinear differential equations; for instance, they can be used to determine conservation laws. We obtain the symmetries of the model applying Lie’s classical method. The choice of some arbitrary functions of the equation by the equivalence transformation enhances the study of Lie symmetries of the equation. We have determined the subclasses of the equation which are nonlinearly self-adjoint. This allow us to obtain conservation laws by using a theorem proved by Ibragimov which is based on the concept of adjoint equation for nonlinear differential equations.