An unprecedented graphyne allotrope with square symmetry and nodal line semimetallic behavior has been proposed in the two-dimensional (2D) realm. The emergence of the Dirac loop around the high-symmetry points in the presence of both the inversion and time-reversal symmetries is a predominant feature of the electronic band structure of this system. Besides, the structural stability in terms of the dynamic, thermal, and mechanical properties has been critically established for the system. Following the exact analytical model based on the real-space renormalization group scheme and tight-binding approach, we have inferred that the family of 2D nodal line semimetals with square symmetry can be reduced to a universal four-level system in the low-energy limit. This renormalized lattice indeed explains the underlying mechanism responsible for the fascinating emergence of 2D square nodal line semimetals. Besides, the analytical form of the generic dispersion relation of these systems is well supported by our density-functional theory results. Finally, the nontrivial topological properties have been explored for the predicted system without breaking the inversion and time-reversal symmetry of the lattice. We have obtained that the edge states are protected by the nonvanishing topological index, i.e., Zak phase. © 2021 American Physical Society.