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The main purpose of this article is to investigate the dynamic behavior and optical soliton for the M-truncated fractional paraxial wave equation arising in a liquid crystal model, which is usually used to design camera lenses for high-quality photography. The traveling wave transformation is applied to the M-truncated fractional paraxial wave equation. Moreover, a two-dimensional dynamical system and its disturbance system are obtained. The phase portraits of the two-dimensional dynamic system and Poincaré sections and a bifurcation portrait of its perturbation system are drawn. The obtained three-dimensional graphs of soliton solutions, two-dimensional graphs of soliton solutions, and contour graphs of the M-truncated fractional paraxial wave equation arising in a liquid crystal model are drawn.