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In this paper, we mainly put the Lie symmetry analysis method on the Gibbons-Tsarev equation (GTe) to obtain some new results, including some Lie symmetries, one-parameter transformation groups, explicit invariant solutions in the form of power series. Subsequently, the self-adjointness of the GTe is singled out. It follows that the conservation laws associated with symmetries of GTe are constructed with the aid of Ibragimov’ method. Finally, we present the Bäcklund transformations so that more abundant solutions can be worked out.