This paper studies the dynamical behavior of Manakov model which is modeled by two-component nonlinear Schrödinger equation (NLSE). This system models the propagation of soliton flow using group velocity dispersion (GVD) and self-steeping coefficients. By the assistance of two recently developed integration tools, namely, generalized exponential rational function method (GERFM) and new extended direct algebraic method (NEDAM), the different kinds of solutions in the forms of bright, dark, combo and complex solitons are extracted. These types of solutions are quite well-known as optical soliton molecules or pulses in the literature. Moreover, the hyperbolic, exponential and trigonometric function solutions are recovered. In addition, stability analysis of the system is also discussed. A comparison is made between our results and those that are well-known, and the study concludes that the solutions we’ve reached are novel. The significance of the results is illustrated by selecting appropriate parameter values for numerical simulation and physical explanations. For the nonlinear dynamical behavior of a given system, this paper’s results can improve it and demonstrate that the applied methodology is suitable. A wide range of experts in the field of engineering models will benefit from this research, according to our opinion.