Polarization insensitive metamaterial absorbers (MA) are currently very attractive due to their unique absorption properties at different polarization angles. As a result, this type of absorber is widely used in sensing, imaging, energy harvesting, etc. This paper presents the design and characterization of a dual-band polarization-insensitive metamaterial absorber (MA) for K-band applications. The metamaterial absorber consists of two modified split ring resonators with an inner cross conductor to achieve a 90% absorption bandwidth of 400 MHz (21.4–21.8 GHz) and 760 MHz (23.84–24.24 GHz) at transverse electromagnetic (TEM), transverse electric (TE), and transverse magnetic (TM) mode. Polarization insensitivity of different incident angles for TE and TM mode is also investigated, which reveals a similar absorption behavior up to 90°. The metamaterial structure generates single negative (SNG) property at a lower frequency of 21.6 GHz and double negative property (DNG) at an upper frequency of 24.04 GHz. The permittivity and pressure sensor application are investigated for the proposed absorber, which shows its useability in these applications. Finally, a comparison with recent works is also performed to demonstrate the feasibility of the proposed structure for K band application, like sensor, filter, invasive clock, etc.