In this article, a compact planar four port Multiple-Input-Multiple-Output (MIMO) antenna configuration with an electrical dimension of 0.44λ × 0.44λ has been presented for Ultra wideband (UWB) operation and other wireless communication services. The proposed MIMO antenna consists of four identical microstrip line fed octagonal shaped patch antenna which are placed orthogonally to each other. In order to obtain required impedance bandwidth and desired isolation between antenna elements, modifications are made on ground plane and a circular metallic stub is inserted at the center of substrate. All the identical antenna elements operate from 2.62GHz to 20GHz covering the entire frequency band allotted to UWB operation. The isolation between different antenna elements is also obtained more than 15dB for the entire frequency range of impedance bandwidth. The proposed design also exhibits suitable radiation pattern with sufficient amount of gain. Different diversity performance parameters of the proposed design are observed to be within accepted limit. The time domain performance of the proposed design is also analysed in terms of group delay which further confirms the application of the proposed design as a UWB MIMO antenna configuration.