In the paper, a kind of generalized hyperlastic-rod wave equation is studied. First the equation is transformed into the form of planar dynamic system by a series of transformations. Then the properties of equilibrium points and the orbits corresponding to them are studied by using the bifurcation theory of planar dynamic system. What's more, topological phase portraits of the system are given. Through its first integral and combining with a new method, traveling wave solutions of the implicit form, index form and triangle function form of the equation are worked out.