Deadwood is a resource of water, nutrients, and carbon, as well as an important driving factor of spatial pedocomplexity and hillslope processes in forested landscapes. The applicability of existing relevant studies in mountain forests in Central Europe is limited by the low number of data, absence of precise dating, and short time periods studied. Here, we aimed to assess the decomposition pathway in terms of changes and variability in the physical characteristics of deadwood (wood density, biomass, and moisture) during the decomposition process, and to describe differences in decomposition rate. The research was carried out in the Žofínský Primeval Forest, one of the oldest forest reserves in Europe. Samples were taken from sapwood of downed logs of the three main tree species: Fagus sylvatica L., Abies alba Mill., and Picea abies (L.) Karst. The time since the death of each downed log was obtained using tree censuses repeated since 1975 and dendrochronology. The maximal time since the death of a log was species-specific, and ranged from 61–76 years. The rate of change (slope) of moisture content along the time since death in a linear regression model was the highest for F. sylvatica (b = 3.94) compared to A. alba (b = 2.21) and P. abies (b = 1.93). An exponential model showing the dependence of biomass loss on time since death revealed that F. sylvatica stems with a diameter of 50–90 cm had the shortest decomposition rate—51 years—followed by P. abies (71 years) and A. alba (72 years). Our findings can be used in geochemical models of element cycles in temperate old-growth forests, the prediction of deadwood dynamics and changes in related biodiversity, and in refining management recommendations.