A one-point closure model for energy decay in three-dimensional magnetohydrodynamic (MHD) turbulence is developed. The model allows for influence of a large-scale magnetic field that may be of strength sufficient to induce Alfvén wave propagation effects, and takes into account components of turbulence in which either the wave-like character is negligible or is dominant. This two-component model evolves energy and characteristic length scales, and may be useful as a simple description of homogeneous MHD turbulent decay. In concert with spatial transport models, it can form the basis for approximate treatment of low-frequency plasma turbulence in a variety of solar, space, and astrophysical contexts.