In this article, a miniaturized reconfigurable 4-element ultra-wideband (UWB) multiple-input-multiple-output (MIMO) antenna is proposed to operate from 2.52 to 24 GHz, and studied using characteristics mode analysis (CMA). Initially, a 1-element antenna is designed and then extended to 4-element MIMO configuration. The MIMO antenna achieves design merits by orthogonally sorting fractal radiators for miniaturization, a Γ-shaped slot for band-notching and rotationally symmetric connected ground for isolation. CMA is explored to study the band-notched behavior effect in antenna, which shows two operating modes, NM-mode and NB-mode (NM: normal-mode, NB: Notched-mode). The modal metrics is discussed for both modes giving an insights on the bandwidth and radiation potentials. Four RF p-i-n diodes are mounted at the Γ-shaped slot orifice on each antennas, to control the band-notched operation. At OFFstate, the antenna is with wide-band-rejection from 3.7 to 8.87 GHz and at ON-state, it works in pure UWB mode. To demonstrate its feasibility, a fabricated antenna of size 24 mm  24 mm is experimented which are in good agreements with simulated results.