In this paper, the nonlinear transmission line model with the power law nonlinearity and the constant capacitance and voltage relationship is studied using Lie symmetry analysis. Corre- sponding to the infinitesimals obtained, using commutation relations, abelian and non abelian Lie subalgebras are obtained. Also, using the adjoint table, the one dimensional optimal system of subalgebra is presented. Based on the optimal system, corresponding Lie symmetry reduc- tions are obtained. Moreover, variety of new similarity solutions in the form of trigonometric functions, hyperbolic functions are obtained. Corresponding to one similarity reduction, by bifurcation of dynamical system, the stable and unstable regions are determined, which show the existence of soliton solutions from the nonlinear dynamics view point. Some of the obtained solutions are represented graphically and observations are also discussed.