Nonlinear evolution equations (NLEEs) are primarily relevant to nonlinear complex physical systems in a wide range of fields, including ocean physics, plasma physics, chemical physics, optical fibers, fluid dynamics, biology physics, solid-state physics, and marine engineering. This paper investigates the Lie symmetry analysis of a generalized (3+1)-dimensional breaking soliton equation depending on five nonzero real parameters. We derive the Lie infinitesimal generators, one-dimensional optimal system, and geometric vector fields via the Lie symmetry technique. First, using the three stages of symmetry reductions, we converted the generalized breaking soliton (GBS) equation into various nonlinear ordinary differential equations (NLODEs), which have the advantage of yielding a large number of exact closed-form solutions. All established closed-form wave solutions include special functional parameter solutions, as well as hyperbolic trigonometric function solutions, trigonometric function solutions, dark-bright solitons, bell-shaped profiles, periodic oscillating wave profiles, combo solitons, singular solitons, wave-wave interaction profiles, and various dynamical wave structures, which we present for the first time in this research. Eventually, the dynamical analysis of some established solutions is revealed through three-dimensional sketches via numerical simulations. Some of the new solutions are often useful and helpful for studying the nonlinear wave propagation and wave-wave interactions of shallow water waves in many new high-dimensional nonlinear evolution equations.