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In this paper, we consider a fourth‐order nonlinear diffusion partial differential equation, depending on two arbitrary functions. First, we perform an analysis of the symmetry reductions for this parabolic partial differential equation by applying the Lie symmetry method. The invariance property of a partial differential equation under a Lie group of transformations yields the infinitesimal generators. By using this invariance condition, we present a complete classification of the Lie point symmetries for the different forms of the functions that the partial differential equation involves. Afterwards, the optimal systems of one‐dimensional subalgebras for each maximal Lie algebra are determined, by computing previously the commutation relations, with the Lie bracket operator, and the adjoint representation. Next, the reductions to ordinary differential equations are derived from the optimal systems of one‐dimensional subalgebras. Furthermore, we study travelling wave reductions depending on the form of the two arbitrary functions of the original equation. Some travelling wave solutions are obtained, such as solitons, kinks and periodic waves. [ABSTRACT FROM AUTHOR]