A new nonlinear wave equation of a finite deformation elastic circular rod simultaneously introducing transverse inertia and shearing strain was derived by means of Hamilton principle. The nonlinear equation includes two nonlinear terms caused by finite deformation and double geometric dispersion effects caused by transverse inertia and transverse shearing strain. Nonlinear wave equation and corresponding truncated nonlinear wave equation were solved by the hyperbolic secant function finite expansion method. The solitary wave solutions of these nonlinear equations were obtained. The necessary condition of these solutions existence was given also.