The generalized conditional symmetry (GCS) method is applied to a specific case of the Grad–Shafranov (GS) equation, in cylindrical geometry assuming the existence of an axial symmetry. We investigate the conditions that yield the GS equation admitting a special class of second-order GCSs. The determining system for the unknown arbitrary functions is solved in several special cases and new exact solutions, including solitary waves, different in form and structure from the ones obtained using other nonclassical symmetry methods, are pointed out. Several plots of the level sets or flux surfaces of the new solutions as well as surfaces with vanishing flow are displayed. The obtained solutions can be useful for studying plasma equilibrium, transport phenomena, and magnetohydrodynamic stability.