A new theory for the decay of homogeneous, isotropic turbulence is proposed in which truly self-preserving solutions to the spectral energy equation are found that are valid at all scales of motion. The approach differs from the classical approach in that the spectrum and the nonlinear spectral transfer terms are not assumed a priori to scale with a single length and velocity scale. Like the earlier efforts, the characteristic velocity scale is defined from the turbulence kinetic energy and the characteristic length scale is shown to be the Taylor microscale, which grows as the square root of time (or distance). Unlike the earlier efforts, however, the decay rate is shown to be of power-law form, and to depend on the initial conditions so that the decay rate constants cannot be universal except possibly in the limit of infinite Reynolds number. Another consequence of the theory is that the velocity derivative skewness increases during decay, at least until a limiting value is reached. An extensive review of the experimental evidence is presented and used to evaluate the relative merits of the new theory and the more traditional views.