Asymptotic solutions for unsteady one-dimensional axisymmetric laminar flow in a pipe subject to rapid deceleration and/or acceleration are derived and their stability investigated using linear and weakly nonlinear analysis. In particular, base flow solutions for unsteady one-dimensional axisymmetric laminar flow in a pipe are derived by the method of matched asymptotic expansions. The solutions are valid for short times and can be successfully applied to the case of an arbitrary (but unidirectional) axisymmetric initial velocity distribution. Excellent agreement between asymptotic and analytical solutions for the case of an instantaneous pipe blockage is found for small time intervals. Linear stability of the base flow solutions obtained from the asymptotic expansions to a three-dimensional perturbation is investigated and the results are used to re-interpret the experimental results of Das & Arakeri (1998). Comparison of the neutral stability curves computed with and without the planar channel assumption shows that this assumption is accurate when the ratio of the unsteady boundary layer thickness to radius (i.e. δ1/R) is small but becomes unacceptable when this ratio exceeds 0.3. Both the current analysis and the experiments show that the flow instability is non-axisymmetric for δ1/R = 0.55 and 0.85. In addition, when δ1/R = 0.18 and 0.39, the neutral stability curves for n = 0 and n = 1 are found to be close to one another at all times but the most unstable mode in these two cases is the axisymmetric mode. The accuracy of the quasi-steady assumption, employed both in this research and in that of Das & Arakeri (1998), is supported by the fact that the results obtained under this assumption show satisfactory agreement with the experimental features such as type of instability and spacing between vortices. In addition, the computations show that the ratio of the rate of growth of perturbations to the rate of change of the base flow is much larger than 1 for all cases considered, providing further support for the quasi-steady assumption. The neutral stability curves obtained from linear stability analysis suggest that a weakly nonlinear approach can be used in order to study further development of instability. Weakly nonlinear analysis shows that the amplitude of the most unstable mode is governed by the complex Ginzburg–Landau equation which reduces to the Landau equation if the amplitude is a function of time only. The coefficients of the Landau equation are calculated for two cases of the experimental data given by Das & Arakeri (1998). It is shown that the real part of the Landau constant is positive in both cases. Therefore, finite-amplitude equilibrium is possible. These results are in qualitative agreement with experimental data of Das & Arakeri (1998).