The dynamics of decaying strictly axisymmetric, incompressible turbulence is investigated using direct numerical simulations. It is found that the angular momentum is a robust invariant of the system. It is further shown that long-lived coherent structures are generated by the flow, associated with stationary solutions of the Euler equations. The structures obey relations in agreement with predictions from selective decay principles, compatible with the decay laws of the system. Two different types of decay scenarios are highlighted. The first case results in a quasi-two-dimensional flow with a dynamical behaviour in the poloidal plane similar to freely decaying two-dimensional turbulence. In a second regime, the long-time dynamics is dominated by a single three-dimensional mode.