The advancement of electronic gadgets makes it possible for a device to be multipurpose, which calls for attributes such as compactness and larger bandwidth, with improved data transfer rate. This paper introduces the compact, closely placed two-port dual band-notched UWB antenna using a neutralization line as a decoupling structure. The projected antenna design comprised a circle and rectangle embedded monopole radiator with the defected ground structure to attain the UWB spectrum. Further dual notches are attained by carving the U-shape and inverted U-shape slots on the feedline and radiator. The dual band-notched UWB antennas are placed with the separation of 3.8 mm (0.04 λ; λ is computed using 3.4 GHz frequency). The coupling effect between the close proximity elements is decoupled using the neutralization line. The presented antenna has overall dimensions of 21.5 × 28 × 1.6 mm3 (0.24 × 0.31 × 0.01 λ3) and exhibits S11 below −10 dB from 3.4–11.9 GHz, with isolation better than 16 dB throughout the impedance bandwidth. The antenna also provides frequency band rejection of 4.5–5.3 GHz and 7.2–9 GHz covering the WLAN and entire X-band satellite communication. The projected antenna is explored through characteristic mode analysis, time-domain characteristics, and MIMO diversity features to analyze the effectiveness and usefulness of the antenna. The group delay is less than 1 ns except for the frequency rejection band and fidelity factor greater than 0.96. The projected antenna exhibits MIMO diversity metrics ECC < 0.3, DG > 9.6 dB, MEG < −3 dB, TARC < −10 dB, CCL < 0.3 bps/Hz, and ME < −2 dB across the operational frequency, except for the notched bands. The designed two-port antenna is validated by printing on an FR4 substrate. The simulated and measured findings are in line with and appropriate for MIMO wireless applications.