In this paper, we investigate the modified nonlinear Schrodinger (MNLS) equation, which describes the propagation of a femtosecond optical pulse in optical fibers. A new type of Lax pair associated with this model is derived based on the Wadati-Konno-Ichikawa linear system. The Darboux transformation is applied to the MNLS equation and the N-times iterative potential formula is presented via the iterative algorithm. Analytic multi-soliton and multi-breather solutions are generated from the zero solution and periodic plane wave solution, respectively. The propagation characteristics of the solitons and breathers and their collision dynamics are discussed via analytic solutions and graphical illustration.