The propagation of nonlinear solitary and shallow water waves can be examined by nonlinear evolution equations. The dynamics of nonlinear behavior are described by exact solutions having parametric functions. The integrability of nonlinear equation discloses various characteristics of real phenomenon with continuous and fluctuating background. This work aims to generate symmetry reductions and exact solutions of KdV‐mKdV equation, which is a completely integrable system of nonlinear equations and describes combined solitary wave effects in inhomogeneous medium. The infinitesimal generators and their commutative relations are deduced under invariance property of Lie groups. The invariance property provides a symmetry reduction of governing system. Therefore, a continuous process of reductions transmutes the KdV‐mKdV equation to an equivalent system of ODEs. This system of ODEs leads to the exact solutions involving several arbitrary constants and functions. Such obtained results are generalized than earlier works and never reported in literature. Furthermore, adjoint equation and conserved quantities associated with Lagrangian formulation are constructed under Lie symmetries. To reveal the significance of governing phenomenon, the exact solutions are traced via numerical simulation and thus the graphical structures demonstrate line multisoliton, single soliton, lumps, parabolic and stationary wave profiles.
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