In this article, with the help of the theory of characteristic modes (TCM), it is found that the introduction of circular slots in a chassis modifies the chassis modes. Based on the location of the slot, different chassis modes will be affected. For a fixed location, the slot to chassis size ratio plays an important role in its effect on the radiating bandwidth (BW). For a small size ratio, a modified chassis mode will be created without affecting the radiating BW. The current concentration across the slot depends on the shape of the slot (circular, rectangular, triangular, or square) and its location on the chassis. Moreover, the effect of multiple circular slots on the chassis modes is investigated. For slots introduced in a symmetrical fashion, that is, four elements, the modes are not affected and are similar to the original chassis ones. We also investigate the principle behind frequency reconfigurability using TCM analysis. The varactors used for frequency reconfigurability do not alter the radiating BW (Modal Significance plots) but only help in the input impedance matching at different frequency bands of the same mode. If a mode is excited purely using a proper feeding arrangement, the same frequency reconfigurable antenna will behave as a wide band one. Based on the detailed analysis presented in this work, a compact multiple‐input‐multiple‐output annular slot frequency reconfigurable antenna operating between 1.8 and 2.45 GHz is presented. Frequency tuning is achieved using varactor diodes.