The dynamic behaviours of an axisymmetric ferrofluid jet, surrounded by a non-magnetisable and immiscible fluid of equal density, are investigated from both asymptotic and numerical perspectives. This two-layer system consists of incompressible, inviscid fluids that flow irrotationally within each layer. Based on the expansions of the axisymmetric Dirichlet–Neumann operators developed by Xu & Wang (2025 J. Fluid Mech., vol. 1002, p. A23), strongly nonlinear longwave models – without assuming small wave amplitudes – are derived in various limits from the magnetised Euler equations within the Hamiltonian framework. In the supercritical regime, where the magnetic field is strong enough to completely suppress the Rayleigh–Plateau instability, these models show good agreement with the full Euler equations for monotonic solitary waves. This is particularly true concerning wave profiles and speed–energy bifurcations, even when the wave trough approaches the rigid bottom. Thus, these models overcome the limitations of the cubic full-dispersion model proposed in previous studies. An analytic criterion related to wave energy for the stability exchange of axisymmetric interfacial solitary waves under longitudinal perturbations is established for the full Euler equations. Guided by this criterion, the dynamic evolution of unstable solitary waves is then numerically solved using the derived strongly nonlinear equations. In the subcritical regime, the flow experiences the Rayleigh–Plateau instability. The phenomenon of singularity is examined in a configuration where the thickness of the outer layer is infinite, employing a newly proposed model that incorporates a non-local operator. It is demonstrated that infinite-slope singularities arise before pinching for most initial conditions; however, pinching may occur for sufficiently small initial amplitudes.