In an earlier paper (Wan et al., J. Fluid Mech., vol. 697, 2012, pp. 296–315), the authors showed that a similarity solution for anisotropic incompressible three-dimensional magnetohydrodynamic (MHD) turbulence, in the presence of a uniform mean magnetic field $\boldsymbol{B}_{0}$, exists if the ratio of parallel to perpendicular (with respect to $\boldsymbol{B}_{0}$) similarity length scales remains constant in time. This conjecture appears to be a rather stringent constraint on the dynamics of decay of the energy-containing eddies in MHD turbulence. However, we show here, using direct numerical simulations, that this hypothesis is indeed satisfied in incompressible MHD turbulence. After an initial transient period, the ratio of parallel to perpendicular length scales fluctuates around a steady value during the decay of the eddies. We show further that a Taylor–Kármán-like similarity decay holds for MHD turbulence in the presence of a mean magnetic field. The effect of different parameters, including Reynolds number, mean field strength, and cross-helicity, on the nature of similarity decay is discussed.