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In this work, we investigate diverse analytical solutions and modulation instability of the nonlinear Schrödinger equation with an anti-cubic nonlinear term. We use the traveling wave transformation and the New Generalized Extended Direct Algebraic Method to perform a variety of exact traveling wave soliton-like solutions. The obtained solutions are among other trigonometric function solutions, complex soliton solutions, and rational solutions. A particular behavior has been depicted in self-focusing and defocusing nonlinearity where dark soliton changes to super rogue waves and breather soliton is obtained. We then use the linearizing scheme to get the growth rate of modulation instability. For a specific value of the excitation wave number and a specific time of simulation, diverse waveforms of the modulated waves are obtained. We have demonstrated that the combined dispersion and nonlinear terms, as well as the anti-cubic nonlinear term, can develop modulation instability. To confirm the predictions based on the analytical results, we use the direct numerical simulation, from which we have displayed a modulation wave of the growth rate modulation instability. It results equally that the anti-cubic nonlinearity is an important object to control the propagation of the solitonic waves in the nonlinear systems. [ABSTRACT FROM AUTHOR]