A compact planar frequency reconfigurable dual‐band multiple‐input‐multiple‐output (MIMO) antenna with high isolation and pattern/polarization diversity characteristics is presented in this article for WiFi and WiMAX standards. The MIMO configuration incorporates two symmetrically placed identical antenna elements and covers overall size of 24 mm × 24 mm × 0.762 mm. Reconfiguration of each antenna element is achieved by using a PIN diode which allows antennas to switch from state‐1 (2.3‐2.4 GHz and 4.6‐5.5 GHz) to state‐2 (3.3‐3.5 GHz and 4.6‐5.5 GHz). In state‐1, the configuration offers isolation ≥18 dB and 20 dB in lower band (LB) and upper band (UB) respectively; whereas, in state‐2, isolation ≥21 dB and 20 dB in LB and UB respectively is achieved. The same decoupling circuit provides high isolation in dual‐band of two states, which makes overall size of the proposed design further compact. The antennas are characterized in terms of envelope correlation coefficient, radiation pattern, gain, and efficiency. From measured and simulated results, it is verified that the proposed frequency reconfigurable dual‐band multi‐standard MIMO antenna design shows desirable performance in both operating bands of each state and compact size of the design makes it suitable for small form factor devices used in future wireless communication systems.