The present study deals with hypersurface-homogeneous cosmological models with anisotropic dark energy in Saez–Ballester theory of gravitation. Exact solutions of field equations are obtained by applying a special law of variation of Hubble’s parameter that yields a constant negative value of the deceleration parameter. Three physically viable cosmological models of the Universe are presented for the values of parameter $K$ occurring in the metric of the space–time. The model for $K = 0$ corresponds to an accelerating Universe with isotropic dark energy. The other two models for $K = 1$ and $−1$ represent accelerating Universe with anisotropic dark energy, which isotropize for large time. The physical and geometric behaviours of the models are also discussed.